Bitcoin Bounces Above $63,000 as SpaceX IPO Lifts Markets, But Japan Rate Hike Looms

Quick overview

It was a better morning for crypto than the week had suggested was coming. Bitcoin climbed back above $63,000 on Friday, up about 1.6% on the day and back in the green for the week, carried higher by the buzz surrounding SpaceX’s debut on the Nasdaq under the ticker SPCX. Solana added 3%, XRP and Dogecoin each rose around 2.3%, and Hyperliquid jumped 7.6%.

SpaceX priced its shares at $135, raising $75 billion in what is being called the largest IPO in history. Demand reportedly topped $250 billion before books closed, with retail orders alone exceeding $100 billion. The listing values the company near $1.75 trillion. Crypto caught a lift from the risk-on mood the event brought with it.

Dogecoin, the token that has spent years reacting to anything with Elon Musk’s name attached, barely stood out. It moved 2.3%, right in line with the rest of the market. For a token that once jumped double digits on a single tweet, that response was telling.

On the onchain side, Binance Wallet ran a subscription product that let users gain exposure to the SpaceX listing through USDC deposits. Nearly 28,000 wallets committed a combined $557 million. The breakdown was predictable: the majority of participants put in under $20,000, but the actual dollars were concentrated in a much smaller group, with 114 addresses depositing $500,000 or more accounting for roughly 10% of the total pool.

One cloud hanging over the session is what the Bank of Japan does next week. Its meeting wraps on June 16, and the widely held expectation is a rate hike from 0.75% to 1%, which would be the highest policy rate Japan has seen since 1995. The yen carry trade, where investors borrow cheaply in yen to fund positions in riskier assets, has been a quiet source of liquidity for crypto for years. When the BOJ surprised markets with a hike back in August 2024, bitcoin dropped from around $64,000 to $49,000 in two days as carry trades unwound fast.

The hike itself is mostly priced in at this point, and even at 1% Japan’s real rates stay deeply negative, so the trade does not disappear overnight. What traders are watching more closely is the forward guidance. Speculative bets against the yen have climbed back near the levels seen just before that August 2024 episode. A hawkish signal landing on that kind of positioning is where the risk sits.

For now the market is choosing to focus on SpaceX. Whether that mood holds past Friday’s open is the real question.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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