Crypto Market Update: How Japan Monetary Policy Will Impact Bitcoin, Ethereum Price
The Bank of Japan Governor Haruhiko Kuroda on Tuesday expanded its target range for 10-year yields to 50 basis points from 25 to add flexibility to the central bank’s monetary policy. However, this caused global stock markets to fall sharply. The U.S. Dollar Index (DXY) falls to 103.96 and futures tied to Dow Jones, S&P 500, and Nasdaq 100 are down nearly 1%. The crypto market also reacted to it.
U.S. economist Peter Schiff stated the Bank of Japan pivoting in the opposite direction means more hikes are coming. In the U.S., it means the Dollar and asset prices will fall and inflation will rise in 2023.
How It Impacted Crypto Market
The crypto market stabilized slightly after Bitcoin and Ethereum prices jumps over 2% from the bottom. However, the Bank of Japan monetary policy change could impact crypto prices in 2023.
Bitcoin (BTC) price currently trades at $16,816. The 24-hour low and high are $16,398 and $16,8362, respectively. The trading volume has increased by nearly 65% in the last 24 hours. The further decline in the U.S. dollar as Yen strengthens could raise prices in short term.
Ethereum (ETH) price is currently trading at $1,207, moving up over 2% in the last 24 hours. The 24-hour low and high are $1,160 and $1,210, respectively. The trading volume rose nearly 50%.
Altcoins such as Dogecoin, Shiba Inu, Cardano, and XRP have witnessed some upside moves as a result of Bitcoin and Ethereum prices jumping higher.
Analysts Prediction for the New Year 2023
Crypto analyst Scott Melker or The Wolf Of All Streets said BOJ tightening is pushing more uncertainty in the market. “The Bank of England broken and Bank of Japan broken,” he tweeted.
Rekt Capital earlier suggested that Bitcoin price holding the $17,150 level will be crucial for Bitcoin and altcoins. If Bitcoin closed the month below the support levels, a move toward $13,900 can be seen.
Ethereum and altcoins will follow suit and dive lower if the BTC price fails to hold the crucial support level.
Also Read: Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Pi Network Set for Massive Growth as App Studio Upgrade Expands Pi Coin Utility
- US Shutdown Beyond 40 Days To Delay Crypto ETF Approval, But Demand Spikes
- OpenSea Set to Reward Investors With Massive SEA Token Airdrop Ahead of Q1 2026 Launch
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
