The Bank of Japan may raise interest rates by 25 basis points to 0.75% at its December 19 meeting, the highest since 1995; following the news, the yen rose from around 155 to approximately 154.56. A stronger yen is usually accompanied by macro deleveraging, which may trigger the unwinding of yen-funded carry trades and tighten the liquidity that previously supported Bitcoin's rebound from its November low. If funding costs continue to rise, leveraged funds may reduce their exposure to highly volatile assets such as BTC. (CoinDesk)

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