Bitcoin surges after Japan’s interest rate hike, altcoins also gain
- Bitcoin (BTC) rose to $66,644.43, up 1.5% in the last 24 hours following a Bank of Japan interest rate increase.
- Stellar’s XLM, Injective’s INJ, and Uniswap’s UNI saw gains between 13% and 16%, with UNI’s rise linked to Standard Chartered’s coverage initiation.
- Trading volume surged by 51% to $207 billion, while open interest increased by 2.4% to $113.41 billion.
- Memecoin SIREN fell by another 21%, losing a total of 77% month-to-date due to large holders offloading supply.
- Avalanche (AVAX) faced negative sentiment despite being the most-discussed token, trading at approximately $6.88.
The cryptocurrency market is showing signs of recovery as Bitcoin’s price increases alongside significant trading activity and altcoin performance improvements. The rise in open interest and trading volume indicates renewed investor confidence.
With Bitcoin rising over $66,000 and several altcoins gaining significantly, the market appears to be stabilizing after recent volatility.(Source)
