Bitcoin (BTC) held steady during Friday's Asian hours after Bank of Japan (BOJ) lifted the benchmark borrowing cost to the highest in 17 years while raising inflation forecasts.
Bitcoin price showed no signs of strain on Friday as it remained largely unchanged in Asian trading hours. This came after the Bank of Japan raised its benchmark borrowing cost to the highest in 17 years and lifted its inflation forecasts.
After the rate decision, the anti-risk Japanese yen rose over 0.6% to 155.12 against the U.S. dollar. However, risk assets remained resilient. Bitcoin showed no signs of stress, trading little changed on the day above $104,000. The futures tied to the S&P 500 also traded flat.
This resilience in risk assets suggests that market attention is increasingly centered on potential policy developments under Donald Trump's presidency. In comparison, the BOJ rate hike in late July had shaken risk assets, including cryptocurrencies.
On Thursday, President Trump signed an executive order to ban a digital dollar and promote crypto and AI innovation in the U.S. In other news, U.S. data released this week showed the "all tenant rent" index, which leads shelter inflation in the CPI, rose at a slower pace last quarter. This has raised hopes that the Fed will walk back on its hawkish December rate forecasts.
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