BoJ Says ‘Will Not Hike Borrowing Costs’, Crypto In Relief?

Author: Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Aug 7, 2024 19:13

BTC is trading above $57,000, 4% higher in the past 24 hours as cryptocurrencies are recovering from the Monday crash. Bank of Japan deputy governor Shinichi Uchida said that the central bank would not hike borrowing costs, which may have provided some relief for investors of risk assets like crypto. “As we’re seeing sharp volatility in domestic and overseas financial markets, it’s necessary to maintain current levels of monetary easing for the time being,” Uchida said in a speech to business leaders in Hakodate, Hokkaido. The broader crypto market has risen over 5%, with SOL leading the gains.