Bitcoin Surges Past $87K as Bank of Japan Rate Hike Impacts Yen

Bitcoin (BTC) has made a significant move, breaking above the $87,000 mark. This rally coincides with a notable decision by the Bank of Japan (BOJ) to increase interest rates, a move that has led to a slide in the value of the Japanese yen (JPY). The contrasting performance highlights Bitcoin's growing role as a potential hedge against traditional currency fluctuations and central bank policy shifts. Market analysts are observing the correlation, suggesting that capital may be flowing into crypto assets like Bitcoin amid changes in the global monetary landscape. The BOJ's rate hike marks a historic shift from its long-standing ultra-loose monetary policy, creating volatility in forex markets that appears to be benefiting the flagship cryptocurrency.