CumberlandThe Bank of Japan left its benchmark at 1% and Governor Ueda's hawkish signals landed softly, since markets had already priced an October hike. Bitcoin held near $64,000.
Fed's preferred inflation gauge stays above the 2% target for 64 consecutive months
The Fed continues to reiterate its commitment to bringing inflation down to its 2% goal at every meeting, but progress remains elusive.
Data released Thursday showed that the Fed’s preferred inflation metric, the core PCE, rose 3.3% year-on-year in June. While that figure marks a slight decline from May’s 3.4%, it’s still well above the 2% goal.
This long stretch of above-target inflation explains why bond yields remain elevated, weakening the bullish case for risk assets, including cryptocurrencies.
Bitcoin steadies near $64,000 as the BOJ holds and shrugs off a hawkish tilt
Bitcoin traded near $63,900 on Friday, roughly flat, as the Bank of Japan left its benchmark rate at 1% and Governor Kazuo Ueda's attempt to sound hawkish landed softly with markets.
The yen gave back its move during his press conference, and the dollar-yen pair returned to where it started, since traders had already priced a high chance of an October hike.
Ueda said inflation should rise above 2% later this fiscal year and pointed to AI demand and the weak yen as forces pushing prices higher, the same two threads that have shaped crypto's macro backdrop all month.
A soft yen has fed the carry trade that sends money into risk assets, and the AI capital cycle is the trade bitcoin has tracked closely.
The broader market was quiet. Ether held near $1,885, while BNB extended its run as the standout large token, up 3.5% on the day and 4.4% on the week to around $591, per CoinDesk data.
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Bitcoin’s calm is back and so is the setup for a volatility explosion
Bitcoin flat near $64,000 as Kospi's record 17% surge leaves crypto untouched
Strategy books $8.2 billion Q2 loss on bitcoin price decline