Bitcoin's price remained steady on Friday following the Bank of Japan's announcement of a more flexible approach to monetary policy. The digital asset has been trading within a narrow range for over a month, hovering between $29,000 and $31,500. The BOJ's decision to loosen yield curve control could lead to higher interest rates, which may pose challenges for risk assets like bitcoin. The announcement caused market fluctuations in Asia and Europe, while Wall Street saw a rise after a lower-than-expected inflation reading. The BOJ's policy move could allow for a rate increase on 10-year Japanese Government bonds.

Bitcoin has been trading sideways with low volatility, but traders are favoring long positions. The cryptocurrency currently trades at $29,700 with a 0.7% loss in the last 24 hours and a 2% loss in the previous week. Data from Block Scholes via Deribit shows that Bitcoin and Ethereum traders have been seeking long exposure to these cryptocurrencies, coinciding with a decline in delivered volatility. However, it is unclear why traders are willing to pay a consistently high rate for long exposure despite low expectations of volatility.

Bitcoin and ether are currently trading within recent intra-day ranges, while crypto markets are ignoring positive economic data that boosted hopes of a "soft landing" for the US economy. Instead, degens are focusing on volatility and short-term gains in the meme coin/shitcoin market. Some of the top-gaining Ethereum-based coins of the day include Pegasus SniperBot, Scarab, and Ascend Coin, but potential investors should be cautious of the 5% buy and sell tax and other provisions in their smart contracts. Investors looking for a better alternative to shitcoins should consider promising presale projects like BTC20, which offers the opportunity to purchase bitcoin at its 2011 price of $1. However, investors should be aware that cryptocurrency is a high-risk asset class and this article does not constitute investment advice.

ARB may retest a crucial demand zone due to Bitcoin's price action. Demand and buying volumes in the futures market have decreased. The demand zone of $1.06 has proven steady in the past but was breached in mid-June. Bulls are expected to defend the demand zone, but it could be breached if BTC registers more losses.

Galaxy Digital CEO Mike Novogratz has urged his followers to "Buy BTC" in response to the US government's increasing interest expense on its sovereign debt. Analysts predict that the Federal Reserve may be forced to lower its benchmark interest rate again if the government cannot keep up. The US government is currently paying $970 billion per year in interest payments, which is the highest interest expense of all time. This suggests that the central bank may need to inject money into the economy again, which could be bullish for risk assets such as Bitcoin.

As bitcoin's next halving event approaches in less than nine months, excitement is growing for a potential rally to fresh all-time highs. The reward rate for miners will be halved from 6.25 BTC to 3.125 BTC when the blockchain adds its 840,000th block on April 21, 2024, resulting in a halving of the inflation rate of the bitcoin supply. According to ChatGPT, a leading artificial intelligence chatbot, Bitcoin's price could potentially double or triple the pre-halving price, reaching $60,000 to $90,000. Additionally, a new token called BTC20, which operates on an eco-friendly, low energy consuming Proof-of-Stake Ethereum blockchain, has been generating a lot of buzz. BTC20 aims to raise up to $6.05 million by selling tokens at $1 each and has already raised over $4.25 million in just over a week. 

The European Central Bank (ECB) has followed the United States Federal Reserve's lead by raising three key interest rates by 25 basis points in an attempt to combat inflation. Despite inflation declining, the ECB has admitted that it is still expected to remain too high for too long. The rapid increase in rates could negatively affect the expansion of loans in the European region and economic activity. Investors are looking towards Bitcoin and other cryptocurrencies as a hedge against inflation, as Bitcoin has remained stable despite the growing rates.

Cathie Wood, CEO of ARK Invest, believes that Bitcoin's significant price increase after the collapse of US regional banks is a clear indication that it is the future of money. Wood cites three reasons for her bullish outlook on digital assets, including the potential for Bitcoin to dominate the "money revolution" as a safe store of value.

Coinbase CEO Brian Armstrong faced questioning from Twitter co-founder Jack Dorsey over his alleged disregard for Bitcoin's lightning network, a layer-2 scaling solution designed to make BTC easier to spend. Armstrong claimed that the next step for crypto was to make payments "instant and free globally" through collective work on layer 2 solutions and user onboarding. While Armstrong did not respond to Dorsey directly,

TD Cowen analyst Lance Vitanza has initiated coverage of MicroStrategy with an "outperform" rating and predicts the stock could climb to $520, a 22% increase from its current level. Vitanza believes that MicroStrategy's use of retained earnings to buy and hold Bitcoin reflects a belief in the cryptocurrency's superiority as a store of value. He also recommends the stock as a way for institutional investors to gain exposure to Bitcoin without the fees associated with investing directly in the cryptocurrency or a Bitcoin ETF. MicroStrategy is set to report its Q2 earnings next week.