Bitcoin dips to $53K after Bank of Japan’s rate hike, Ether follows drop as global market panic ensues
Bitcoin dips to $53K after Bank of Japan’s rate hike, Ether follows drop as global market panic ensues
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tldr; Bitcoin and Ether experienced significant declines, with Bitcoin dropping to $53,000 and Ether erasing its year-to-date gains, following the Bank of Japan’s unexpected interest rate hike. This decision impacted global markets, leading to a broad market selloff and panic. The crypto market saw Bitcoin fall 12% in 24 hours and 20% week-over-week, while Ethereum plunged 21% in 24 hours and 30% over the past week. The global market panic was exacerbated by the US Federal Reserve’s uncertainty over September rate cuts, contributing to the sharp declines in cryptocurrency values.
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