Analysis: Expectations of further Bank of Japan rate hikes curb Bitcoin gains

Odaily Odaily News Bitcoin rebounded above $59,000, but the gains were tempered by hints of further rate hikes in Japan. However, BTC is still up 1% in the past 24 hours, while the broader cryptocurrency market is up about 0.9%, according to the CoinDesk20 index. A slew of U.S. economic data will be released this week, starting with the August manufacturing purchasing managers' index released by the Institute for Supply Management (ISM) later on Tuesday. Bank of Japan Governor Kazuo Ueda reiterated that the central bank will raise interest rates further if the economy and inflation develop as expected. Ueda said the economic environment remains loose, and even after the benchmark borrowing cost was raised in late July, the inflation-adjusted interest rate remained negative. (Coindesk)