Market Analysis: Another obstacle to Bitcoin’s rise is about to collapse

According to Coindesk, Bitcoin surged on Monday following rumors that the Bank of Japan was considering easing its ultra-low interest rate policies, causing turbulence in the Asian market. This resulted in drops in several Asian stock indices, including the Nikkei and ASX in Japan and Australia, which fell by 2%. There were earlier reports suggesting that the Bank of Japan might raise its benchmark interest rate this month, marking the first increase since 2007. Additionally, the Bank of Japan may discontinue its bond-buying program after ending its negative interest rate policy.

Analysts have cautioned that the Bank of Japan is a significant source of uncertainty for both traditional and cryptocurrency markets. The potential reversal of the Bank of Japan's supportive stance on liquidity and the potential strengthening of the yen could endanger yen carry trades. This, in turn, could impact the risk appetite rebound of financial markets, including technology stocks and cryptocurrencies, which has been ongoing for a year.

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