Live updates: Bitcoin slips to $63,000 as SpaceX shares get ready to trade on Nasdaq
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- Bank of Japan is expected to raise its policy rate to 1% from 0.75% when its meeting ends on June 16, the highest level since 1995.
- Japanese rates and a firmer yen make yen‑carry‑trade borrowing more expensive, potentially forcing an unwind that drains global liquidity.
- BOJ surprise on 5 August 2024 caused Bitcoin to fall from about $64,000 to $49,000 in two days.
- ECB hiked policy on Thursday, aligning Japan with the European central bank.
- Fed kept rates on hold amid energy‑driven inflation, contrasting with Japan’s tightening.
- Japanese investors have kept buying foreign assets, with little sign of a yen‑carry‑trade unwind.
- Bitcoin trades near $63,000 on SpaceX’s IPO day, per CoinDesk data.
Why it matters: Crypto investors face tighter funding as Japan’s rate hike makes yen‑carry‑trade borrowing costlier, risking a liquidity drain that could pressure Bitcoin, while the modest $63k price shows short‑term resilience on SpaceX’s IPO day; the move also aligns Japan with the ECB’s recent tightening and a Fed that stays on hold, signaling monetary tightening that could divert capital from risk assets.
