Bitcoin’s sudden drop on Monday was a fresh reminder of how cryptocurrency prices are influenced by an ever-widening array of macroeconomic factors, making it trickier for traders to gauge the market’s direction after the recent selloff.
The biggest token started falling sharply around 8:30 a.m. in Tokyo, just as Japanese government bond futures swooned on expectations that the Bank of Japan would raise borrowing costs at its December meeting. Some 90 minutes later, BOJ Governor Kazuo Ueda said in a speech that his board might increase interest rates soon.
