Bitcoin holds steady above $34K, prepares for more bullish trend

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In the news today, It is said that Bitcoin (BTC) continues to trade above $34,000 after the Bank of Japan (BOJ) softened its grip on the “yield curve control” (YCC) program. This helped in counteracting the Federal Reserve’s liquidity tightening.

Yesterday, Bitcoin, the leading cryptocurrency by market value changed hands at $34,300, representing a 0.18% drop on a 24-hour basis, CoinDesk data show. In the early hours of today, it has moved up to 34,410.60USD.

The central bank was seen keeping the tide low with the short-term policy rate steady at -0.1%, continuing its negative interest rate policy.

However, according to online reports, the BOJ said it would consider the 1% upper bound for the 10-year government bond yield as a “reference” rather than a hard cap.

This tweak will allow for more yield fluctuations and relieve the pressure on the BOJ to step in with liquidity-boosting bond purchases every time the 10-year yield tests the erstwhile 1% hard cap.

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