Bank of Korea Rate Cut Speculation Fuels Bitcoin’s Rise

• The BoK will watch the effect of the Fed’s decision on domestic markets and then decide monetary policy.
• However, the officials are in support of introducing rate cuts in the fourth quarter.
• Bitcoin might benefit from the rate cuts as investors look for more volatile assets.

The Bank of Korea (BoK) is possibly considering rate cuts, according to reports. Governor Rhee Chang Yong stated in a discussion that upcoming events like the United States Federal Reserve’s policy decision, Bank of Japan Governor Ueda’s testimony to Parliament, and the release of US labor data could cause significant market volatility.

The report suggests that the BoK will not make any immediate changes but will closely watch the impact of these events on Korean markets before deciding. Interestingly, the Board’s policy stance currently leans towards rate cuts and monetary easing.

Looking ahead to the next three-month policy discussion, four out of six officials at the Bank of Korea favor rate cuts, while the other two prefer to keep rates unchanged at 3.5%. With no minority vote during the meeting, it seems the BoK is heading towards rate cuts in October. The report also noted …

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