“Japan’s 10-year government bond yield briefly touched 2% for the first time since 2006 after the central bank lifted its benchmark rate.”, — write: www.coindesk.com
Bitcoin rose above $87,000 in Asia trading, while ether pushed higher alongside broader market strength, as investors looked past the BOJ’s long-telegraphed move and focused instead on easing global financial conditions.
Cardano’s ADA, Solana’s SOL, DOGE$0.1260bnb BNB$835.96 and XRP$1.8433 rose as much as 3%, with the broad-based CoinDesk 20 index rising 2%.
The move higher came after a volatile, yet relatively range bound, session that saw more than $576 million in crypto liquidations over 24 hours, largely concentrated in long positions, per CoinGlass.
Such liquidation flows are indicative of how crowded positioning had become during the recent rebound and use of high leverage remains dominant, albeit for capturing small gains.
Japan’s 10-year government bond yield briefly touched 2% for the first time since 2006 after the central bank lifted its benchmark rate, a move that had been widely expected following weeks of hawkish signals from Governor Kazuo Ueda.
Rather than spooking markets, the decision was absorbed smoothly, with the yen weakening and Asian stocks rising.
The MSCI Asia Pacific Index gained 0.7%, led by technology shares, while futures tracking US equities extended their rebound overnight. The S&P 500 rose 0.8% and the Nasdaq 100 jumped 1.5%, helped by a strong outlook from Micron Technology that eased fears around artificial intelligence spending and stretched valuations.
Risk sentiment was further supported by softer US inflation data, which reset expectations that the Federal Reserve could start cutting rates in the coming months.
Meanwhile, on-chain data suggests some pressure may be easing.
Long-term bitcoin holders are close to finishing a prolonged selling phase, according to K33 Research, after roughly 20% of supply rotated back into the market over the past two years.
Still, traders remain cautious. The latest bounce has been driven more by macro relief than conviction, leaving crypto vulnerable to sharp moves as markets head into year-end with thinner liquidity and elevated leverage.
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The Bank of Japan raised its short-term policy rate by 25 basis points to 0.75%, the highest in nearly 30 years.
- The Bank of Japan raised its short-term policy rate by 25 basis points to 0.75%, the highest in nearly 30 years.
- Despite the rate hike, the Japanese yen fell against the US dollar, while bitcoin saw a slight increase in value.
- Market reactions were muted as the rate hike was anticipated, with speculators already holding long positions in the yen.
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