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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Bounces Off $16,300, Here’s Why

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Bitcoin Japan

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The Bitcoin price slipped further yesterday, falling below the $16,300 level. At $16.285, BTC reached a price last recorded on November 29. However, a surprising windfall occurred when the Bank of Japan (BoJ) announced an unspoken pivot.

The BoJ drastically widened its yield curve control band to 0.50% and significantly increased the number of government bonds it will buy each month. In doing so, the central bank sent shockwaves through global markets after unexpectedly revising its policy to control the yield curve. Every economist had expected the BOJ to leave its policy unchanged.

BoJ Sends Shockwaves Through All Markets

As Jim Bianco of Bianco Research noted, this is a decision of paramount importance for all markets. This decision is also essential for Bitcoin and the broader crypto market, even though it may not seem so at first glance. The crypto market still follows market trends and stocks. Moreover, risk assets like Bitcoin become unattractive when interest rates are at record highs.

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As a result of the decision, the yen rose nearly 3%, to its strongest level since mid-August. Meanwhile, stocks, bonds and the dollar tumbled. The yen also made significant gains against currencies such as the euro, while gold and bitcoin rose.

Remarkably, the share of Japanese government bonds held by the Bank of Japan, measured by market value, also exceeded 50% for the first time. Due to the massive market impact, BitMEX founder Arthur Hayes made a (funny) comparison between FTX and the FTT token.

It’s like the BOJ is taking lessons from ⁦@SBF_FTX⁩. When you own over 50% of a market is it even a market anymore? $FTT = $JGB pic.twitter.com/OePV7VLmf1

— Arthur Hayes (@CryptoHayes) December 20, 2022

However, as Bianco tweeted, the bottom line is that markets “may” need to rethink their views on central bank policy changes:

If Japan is now showing concern for inflation, there will be no pivots of any rate hikes in 2023 anywhere! Powell is hawkish. ECB head Legarde (Madam Laggard) is now talking hawkish. Kuroda and the BoJ are not making moves that show concern about inflation.

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Yuki Masujima of Bloomberg said:

The implications go far beyond Japan – with the BOJ – the last major holdout in a global monetary tightening shift (with the exception of China) – now letting the benchmark yield trade higher than before, the shock will echo across global financial markets.

The Implications For Bitcoin

As analyst Holger Zschaepitz explained in an earlier tweet, Bitcoin’s initial reaction may have been triggered by the price being highly correlated with rising central bank balance sheets. “Bitcoin has traded in tandem w/combined balance sheets of Fed, BoJ and ECB,” Zschaepitz noted.

Bitcoin was up about $750 or 2% following a dump after equities closed after-hours. At press time, BTC was trading at $16,753. It is likely to go even higher if it breaks through $16.900 which proved to be too strong a resistance at the first attempt.

Bitcoin BTC USD 2022-12-20
Bitcoin price, 4-hour chart
Featured image from iStock, Charts from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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