Bitcoin Rallies After BOJ Rate Hike; XLM, INJ, UNI Surge
Bitcoin rose above $66,500 after the Bank of Japan raised rates to a 31-year high, with altcoins XLM, INJ, and UNI posting double-digit gains amid a broader crypto recovery.
Bitcoin rallied on Tuesday after the Bank of Japan raised interest rates to their highest level in 31 years, pushing the price from around $65,600 in Asian trading to more than $66,500 during European hours.
The largest cryptocurrency by market capitalization has added 1.5% over the past 24 hours, continuing its recovery from a June 5 low below $60,000. Several altcoins posted even stronger gains. Stellar's XLM, Injective's INJ and Uniswap's UNI rose between 13% and 16%, ranking among the best performers in the top 100 cryptocurrencies. UNI's gain comes after Standard Chartered initiated coverage of Uniswap and set a long-term price target of $100 by 2030.
For crypto traders, the BOJ rate hike initially sparked risk-off sentiment, but Bitcoin quickly reversed course as markets digested the decision. Higher Japanese rates could strengthen the yen, potentially reducing carry trade flows that have historically supported risk assets. However, the immediate crypto rally suggests traders view the move as a sign of economic confidence. Check NowPrice's crypto page for current pricing on Bitcoin and altcoins.
Looking ahead, traders will monitor the Federal Reserve's policy stance later this week, as any divergence from the BOJ's hawkish path could influence dollar-denominated crypto prices. Key levels to watch include Bitcoin's resistance near $67,000 and support at $65,000. Altcoin momentum may continue if UNI sustains its gains following the Standard Chartered endorsement.