Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
A surprise choice as Japan's next prime minister renewed fears of BOJ tightening, sending markets lower.This week brings a number of key U.S. economic reports and Fedspeak which could affect the outlook for rates and prices.
The selection of Ishiba over the weekend, however, triggered another rise in the yen and a quick 5% decline in Japan's Nikkei stock average, with the selling apparently spreading to bitcoin, which quickly fell from about the $66,000 to as low as $63,300. It's bounced to $63,800 at press time, down about 3% from late Friday.
A number of indicators late last week, pointed to overbought conditions, among them, said CoinDesk analyst James Van Straten, were perpetual funding rates for bitcoin futures. Van Straten noted that they've risen to levels near those seen just prior to the late July and last August selloffs.This week brings the start of a new month and with it a number of key economic reports and central bank talk.
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