First Mover Americas: BoJ Comments Offer Relief to Crypto

Cryptocurrencies continued their recovery from Monday’s crash, with bitcoin trading above $57,000, over 4% higher in the last 24 hours. Bank of Japan deputy governor Shinichi Uchida said that the central bank would not hike borrowing costs, which may have provided some relief for investors of risk assets such as crypto. “As we’re seeing sharp volatility in domestic and overseas financial markets, it’s necessary to maintain current levels of monetary easing for the time being,” Uchida said in a speech to business leaders in Hakodate, Hokkaido. The broader crypto market, measured by the CoinDesk 20 Index (CD20), has risen over 5%, with SOL continuing to lead the gains. The altcoin has regained the $150 mark, on the back of climbing nearly 10%.