{"id":513012,"date":"2022-12-20T03:15:07","date_gmt":"2022-12-20T08:15:07","guid":{"rendered":"https:\/\/wncen.com\/?p=513012"},"modified":"2024-06-11T07:28:50","modified_gmt":"2024-06-11T07:28:50","slug":"bitcoin-bounces-reason-is-a-windfall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bounces-reason-is-a-windfall\/","title":{"rendered":"Bitcoin Price Bounces Off $16,300, Here&#8217;s Why"},"content":{"rendered":"<p>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.<\/p>\n<p>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.<\/p>\n<h2>BoJ Sends Shockwaves Through All Markets<\/h2>\n<p>As Jim Bianco of Bianco Research <a href=\"https:\/\/twitter.com\/biancoresearch\/status\/69658368\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a>, 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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-vulnerable-below-17k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K<\/a><\/div>\n<p>As a result of the decision, the yen rose nearly 3%, to its strongest level since mid-August. Meanwhile, stocks, bonds and the dollar tumbled. The yen also made significant gains against currencies such as the euro, while gold and bitcoin rose.<\/p>\n<p>Remarkably, the share of Japanese government bonds held by the Bank of Japan, measured by market value, also exceeded 50% for the first time. Due to the massive market impact, BitMEX founder Arthur Hayes made a (funny) comparison between <a href=\"https:\/\/wncen.com\/news\/ftx-crash-triggers-major-selloff-in-solana-price-how-deep-will-sol-dive\/\" target=\"_blank\" rel=\"noopener \">FTX and the FTT token<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s like the BOJ is taking lessons from \u2066<a href=\"https:\/\/twitter.com\/SBF_FTX?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@SBF_FTX<\/a>\u2069. When you own over 50% of a market is it even a market anymore? <a href=\"https:\/\/twitter.com\/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$FTT<\/a> = <a href=\"https:\/\/twitter.com\/search?q=%24JGB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$JGB<\/a> <a href=\"https:\/\/t.co\/OePV7VLmf1\" rel=\"nofollow\">pic.twitter.com\/OePV7VLmf1<\/a><\/p>\n<p>&mdash; Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/05440514?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, as Bianco tweeted, the bottom line is that markets &#8220;may&#8221; need to rethink their views on central bank policy changes:<\/p>\n<blockquote><p><strong>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.<\/strong><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-grayscale-may-return-capital\/\" target=\"_blank\" rel=\"noopener \">Grayscale Says It May Return 20% Of Investor Capital, Bitcoin Refuses To Budge<\/a><\/div>\n<p>Yuki Masujima of Bloomberg <a href=\"https:\/\/www.zerohedge.com\/markets\/boj-sparks-market-chaos-huge-yield-curve-control-adjustment\" target=\"_blank\" rel=\"nofollow noopener\">said<\/a>:<\/p>\n<blockquote><p><strong>The implications go far beyond Japan &#8211; with the BOJ &#8211; the last major holdout in a global monetary tightening shift (with the exception of China) &#8211; now letting the benchmark yield trade higher than before, the shock will echo across global financial markets.<\/strong><\/p><\/blockquote>\n<h2>The Implications For Bitcoin<\/h2>\n<p>As analyst Holger Zschaepitz explained in an earlier tweet, Bitcoin&#8217;s initial reaction may have been triggered by the price being highly correlated with rising central bank balance sheets. &#8220;Bitcoin has traded in tandem w\/combined balance sheets of Fed, BoJ and ECB,&#8221; Zschaepitz <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/51476993\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a>.<\/p>\n<p>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 <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-vulnerable-below-17k\/\">resistance<\/a> at the first attempt.<\/p>\n<figure id=\"attachment_513016\" aria-describedby=\"caption-attachment-513016\" style=\"width: 2952px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-513016 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?resize=2952%2C1621\" alt=\"Bitcoin BTC USD 2022-12-20\" width=\"2952\" height=\"1621\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=2952 2952w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/BTCUSD_2022-12-20_08-44-17.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-513016\" class=\"wp-caption-text\">Bitcoin price, 4-hour chart<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, Charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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. Related Reading: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K 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\u2019s like the BOJ is taking lessons from \u2066@SBF_FTX\u2069. When you own over 50% of a market is it even a market anymore? $FTT = $JGB pic.twitter.com\/OePV7VLmf1 &mdash; Arthur Hayes (@CryptoHayes) December 20, 2022 However, as Bianco tweeted, the bottom line is that markets &#8220;may&#8221; 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. Related Reading: Grayscale Says It May Return 20% Of Investor Capital, Bitcoin Refuses To Budge Yuki Masujima of Bloomberg said: The implications go far beyond Japan &#8211; with the BOJ &#8211; the last major holdout in a global monetary tightening shift (with the exception of China) &#8211; 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&#8217;s initial reaction may have been triggered by the price being highly correlated with rising central bank balance sheets. &#8220;Bitcoin has traded in tandem w\/combined balance sheets of Fed, BoJ and ECB,&#8221; 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. Featured image from iStock, Charts from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":513017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87476,1119],"class_list":["post-513012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-boj","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Bounces Off $16,300, Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"The Bitcoin price slipped further yesterday, falling below the $16,300 level. At $16.285, BTC reached a price last recorded on November 29. 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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\u2019s 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\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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