Bitcoin Nears $75,000 on BOJ Dovish Stance

Bitcoin surged past $74,000 on Monday, reaching nearly $75,000 for the first time in almost a month, as a dovish signal from the Bank of Japan eased pressures on global risk assets amid escalating tensions in the Middle East.

The rally defied expectations for cryptocurrencies during geopolitical uncertainty, where Bitcoin typically tracks declines in stocks and other high-risk investments. Instead, the digital asset rose 13 percent since U.S. and Israeli airstrikes began on February 28, while the S&P 500 fell 1 percent and gold dropped 10 percent. Traders attributed part of the momentum to comments from Bank of Japan Governor Kazuo Ueda, who indicated the central bank is unlikely to raise interest rates at its April 27-28 policy meeting. Just weeks earlier, markets had priced in a 60 to 70 percent chance of a hike following hawkish remarks from Ueda and other officials.

The shift in expectations stems from Japan's vulnerability to the ongoing conflict, particularly disruptions in the Strait of Hormuz, through which more than 90 percent of its oil imports flow. Policymakers inside the bank remain divided: some advocate tightening due to inflation hovering near the 2 percent...