Following the news that the Bank of Japan was considering altering its yield curve control strategy, the largest cryptocurrency fell for a few hours before reclaiming momentum.

A representation of the cryptocurrency is seen in front of the Bitcoin logo in this illustration. (Photo: REUTERS)

Will Bitcoin go back up?

Following a Nikkei story that the Bank of Japan was considering altering its yield curve management policy, Bitcoin fell somewhat on Friday morning in Asia. However, it swiftly gained lost ground and is now trading around $29,210, down roughly 0.15% over the last four hours and down 1% from Thursday at the same time. Dueling 25 basis point interest rate increases, first by the U.S. central bank and later by the European Central Bank (ECB), both predicted, have had little of an impact on Bitcoin over the previous 24 hours. Its resiliency carries on a recent pattern of ignoring macroeconomic occurrences that previously put pressure on cryptocurrencies.

Ether has been moving in a similar direction and was last trading at $1,856, a decrease of 0.6% over the last four hours and a decrease of 1% from the same period the day before. Other significant cryptocurrencies by market cap were in the red. Recent price declines for the well-known memecoin DOGE and MATIC, the token of the smart contracts platform Polygon, were 2.2% and 2%, respectively.

The Nasdaq Composite, which is heavily weighted toward technology, and the S&P 500 both experienced declines of 0.5% and 0.6%. Additionally falling by 0.7%, the Dow Jones Industrial Average ended its greatest winning streak in more than three decades.

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Will Bitcoin go back up? YES.

Early on Friday, Bitcoin (BTC) hovered above $29,000 while Japanese and American government bond yields increased as a result of the Bank of Japan (BOJ) maintaining low-interest rates while announcing a minor hawkish adjustment to its liquidity-boosting yield curve control (YCC) program. The 10-year government bond yield objective set by the YCC at roughly 0% and the short-term interest rate target set at 0.1% were both maintained by the central bank. Additionally, it kept its plan to let the 10-year yield fluctuate by 0.5% in each direction near the 0% objective until December 2022.

The bank, however, promised additional flexibility in the regulation of the yield curve by stating that the 0.5% range would be a reference rather than a strict restriction.

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