Analysis: BTC plunges to $49K low, primarily due to Japan central bank's rate hike

Bitcoin has recently plunged to as low as $49,000 ahead of rebounding, which is primarily owing to the Bank of Japan's interest rate hike, Wu Blockchain reported on X. As the rate hike ended yen arbitrage, traders opted to sell risky assets to repay debts. Earlier, The Block reported that both BTC and ETH had suffered a price plummet due to several factors. That includes the lower-than-expected U.S. nonfarm payroll figures, an interest rate increase by the Bank of Japan and the rising likelihood of U.S. Vice President Kamala Harris defeating the pro-crypto Donald Trump in the upcoming election.