- Bitcoin Growth Following U.S. Fed Decisions
- Bank of Japan's Decision
- Implications for the Cryptocurrency Market
Macroeconomic policies adopted in the U.S. and Japan have triggered a significant increase in Bitcoin. This week, the cryptocurrency's price jumped after interest rate decisions from the U.S. Federal Reserve and the Bank of Japan.
Bitcoin Growth Following U.S. Fed Decisions
On September 18, the U.S. Federal Reserve lowered its interest rate by 50 basis points, marking the first cut since the onset of the COVID-19 pandemic. This move, aiming to curb rising inflation, triggered a swift increase in Bitcoin's price, which gained 4.26% last Wednesday.
Bank of Japan's Decision
Two days after the U.S. Fed's decision, the Bank of Japan announced it was maintaining its interest rate at 0.25%. The governor of the Bank of Japan noted that the central bank wants to assess the impact of global economic uncertainties before making any changes.
Implications for the Cryptocurrency Market
Bitcoin responded to the Bank of Japan's decision with further gains. Overall, Bitcoin increased by more than 11% since the start of the week, rising above $62,000 for the first time in September.
Macroeconomic policies in the U.S. and Japan have significantly influenced the cryptocurrency market, causing a sharp rise in Bitcoin. Interest rate decisions will continue to play a crucial role in market movements.
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