Home›Crypto›Market Structure›Bitcoin holds near $64,000 as Bank of Japan keeps rate…

Bitcoin holds near $64,000 as Bank of Japan keeps rates at 1%

CoinDesk links the steadier crypto tape to lingering above-target core PCE inflation, with the metric up 3.3% year-on-year in June.

Reported · Written up by our desk · Market Structure

Bitcoin traded near $63,900, steady around the $64,000 area, after the Bank of Japan left its benchmark rate at 1% and Governor Kazuo Ueda’s more hawkish tone was largely absorbed by markets, according to CoinDesk.

The outlet said the yen’s move faded after Ueda’s remarks, leaving the dollar-yen pair back near its starting level because traders had already priced in a high chance of an October hike.

CoinDesk also tied crypto’s macro backdrop to US inflation momentum, noting that the Fed’s preferred inflation gauge, core PCE, rose 3.3% year-on-year in June, down from 3.4% in May but still above the 2% target for an extended stretch.

Ether was last around $1,885, while BNB extended gains, up 3.5% on the day and 4.4% for the week to roughly $591, per CoinDesk data.

Latest closeBitcoin $62,929.67 ▼2.8%|BNB $586.67 ▼0.9%

More like this

Sources