Bitcoin Faces Pressure as Analysts Predict Drop to $70K Amid BOJ Rate Hike

Market Overview

The crypto market is experiencing a bearish trend, with Bitcoin under pressure as analysts predict a potential decline toward $70,000 following an upcoming rate hike by the Bank of Japan on December 19. This sentiment is echoed across several altcoins, with notable declines in their prices.

Top Performers

• Figure Heloc (FIGR_HELOC): $1 (-3.09%)
• Cardano (ADA): $0.402 (-2.51%)
• Dogecoin (DOGE): $0.137 (-2.16%)
• Chainlink (LINK): $13.58 (-1.87%)
• XRP (XRP): $2 (-1.85%)
Overall, all major cryptocurrencies are reflecting negative trends, with average declines around 2.30%.

Key News

1. Bank of Japan Rate Hike Impact: Analysts warn that Bitcoin may decline to $70,000 as the Bank of Japan is set to implement a 25-basis-point rate increase. Historical trends show that past rate hikes have led to significant drops in Bitcoin's price, raising concerns among investors. 2. SEC Issues Crypto Custody Warning: The SEC has released guidance urging retail investors to understand the risks associated with storing digital assets. This advisory highlights the importance of secure asset custody amidst a regulatory shift towards integrating cryptocurrencies into the banking system. 3. HashKey's IPO Plans: HashKey is pursuing its IPO in Hong Kong, which could showcase the region's regulatory environment for cryptocurrencies as compliance-focused platforms seek to attract investors.

Market Sentiment

The overall market sentiment remains bearish, with traders cautious amid upcoming regulatory changes and potential market shifts.

What to Watch

• Monitor the Bitcoin price as the December 19 BOJ rate decision approaches.
• Keep an eye on SEC developments regarding crypto custody and regulatory changes.
• Watch for HashKey's IPO progress as it may influence investor sentiment in the region.