The Bank of Japan (BOJ) has opted to keep interest rates unchanged due to ongoing global market volatility, according to Deputy Governor Shinichi Uchida.
This decision followed market turbulence fueled by speculation about potential rate hikes, which had negatively impacted the crypto market.
Arthur Hayes, co-founder of BitMEX, linked the BOJ’s stance to the upcoming U.S. elections. On the social media platform X, Hayes claimed that U.S. Treasury Secretary Janet Yellen urged Uchida not to raise rates, aiming to avoid further market disruption ahead of the 2024 elections.
Hayes suggested this move was intended to support Democratic candidate Kamala Harris, who has a 47% chance of winning according to Polymarkets, compared to Trump’s 52%.
Hayes also hinted that Yellen might inject between $300 billion to $1.05 trillion into the economy by year-end. He plans to detail this in an essay titled “Spirited Away” after the US Treasury’s Quarterly Refunding Announcement.
In response to the BOJ’s rate decision, Bitcoin (BTC) initially plummeted to around $49,000 but has since recovered to around $57,500.
Jamie Dimon, CEO of JPMorgan Chase, has voiced fresh concerns about the state of the U.S. economy, warning that financial markets may be heading into troubled waters—particularly the bond market.
Ross Ulbricht, the man once behind the Silk Road dark web marketplace, has turned artifacts from his prison years into a multimillion-dollar Bitcoin windfall.
Nvidia’s recent market retreat hasn’t shaken analysts’ confidence in the stock’s long-term potential. Despite a dip to $135.13 at the close of the last session, chart watchers say a powerful setup could send NVDA soaring toward the $200 mark in the coming months.
The team behind Pi Network is diving into the gaming industry with the release of FruityPi, a new application designed to highlight the practical use of its ecosystem tools, including the Pi cryptocurrency, wallet, and ad services.