The BOJ's dovish shift keeps the yen carry trade alive, the same trade whose unwind crashed bitcoin 24% in two days in August 2024. Bitcoin's surge past $74,000 was helped by the Bank of Japan's signal that it is unlikely to raise interest rates at its April 28 meeting, easing macro pressures on risk assets. A dovish Bank of Japan keeps the yen weak and carry-trade funding cheap, supporting leveraged positions in bitcoin and other cryptocurrencies as open interest in futures clim…
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