Gate News reports that on March 19, the Bank of Japan (BOJ) held a policy meeting and decided to keep the benchmark interest rate unchanged at 0.75%. This is the second pause in rate hikes since December last year when the rate was raised to a 30-year high. BOJ Governor Kazuo Ueda stated that if inflation targets are met, further rate hikes could still be possible in the future, but factors such as escalating global tensions and soaring oil prices need to be considered.
As a result, the cryptocurrency market experienced a decline, with the total market cap dropping 4.47% to approximately $2.43 trillion. Bitcoin’s price fell to $70,223, after reaching a high of $76,000 earlier. Other major cryptocurrencies also came under pressure, with Ethereum, XRP, Solana, and Dogecoin decreasing between 3% and 6%. Market volatility is linked to uncertainties caused by the Middle East crisis.
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