Crypto Market Faces “Black December” as Bank of Japan’s Hawkish Comments and Other Factors Could Trigger This Round of Decline

BlockBeats News, December 1st. The cryptocurrency market welcomed a "Black Monday" in December, with mainstream coins such as Bitcoin and Ethereum experiencing a drop of over 5% in nearly 3 hours.

On the news front, Bank of Japan Governor Haruhiko Kuroda stated that if the economic activity and price predictions are realized as expected, the Bank of Japan will continue to gradually raise the policy rate based on improvements in the economy and prices. This statement triggered a general decline in the Asia-Pacific stock markets during early trading.

President Trump stated yesterday that he has finalized the selection of the Federal Reserve Chairman. A brief statement from the overseas market last night claimed that Federal Reserve Chairman Jerome Powell will announce his resignation at an emergency meeting scheduled for Monday at 7 p.m. Eastern Time.

In addition, the People's Bank of China held a coordination meeting on combating speculation in virtual currency trading on November 28th. The meeting emphasized that virtual currency does not have the same legal status as fiat currency, lacks legal tender status, should not and cannot be used as a medium of exchange in the market, and that virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency that currently cannot effectively meet requirements such as customer identification, anti-money laundering, etc., and pose risks of being used for money laundering, fundraising fraud, illegal cross-border fund transfers, and other illegal activities.