Cryptocurrency markets moved higher on Friday as investors digested the Bank of Japan’s interest rate hike without major risk-off reactions. Bitcoin surged above $87,000 in Asian hours, while ether followed gains in equities across the region. The rate hike, which lifted Japanese benchmark rates to their highest level in three decades, had been widely expected.
Rather than unsettling markets, the decision coincided with a weaker yen and rising Asian stocks. Altcoins including Cardano’s ADA, Solana’s SOL, DOGE, BNB, and XRP gained up to 3%, while the broader CoinDesk 20 index rose 2%.
The rally followed a volatile session that saw over $576 million in crypto liquidations, largely from long positions, highlighting crowded leverage. Risk appetite was further supported by softer U.S. inflation data, reinforcing expectations that the Federal Reserve could begin cutting rates in the coming months.
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