Bitcoin (BTC) held steady just below $65,000 on Thursday morning, coinciding with South Korea's first interest rate hike in over three years aimed at curbing inflation.
The Bank of Korea increased its benchmark interest rate by 25 basis points, raising it to 2.75%, in line with economists' expectations. The bank indicated that inflation is likely to stay elevated for some time due to the delayed impact of rising energy costs.
South Korea's inflation rate has climbed to 3.2%, the highest level observed this year. Following the interest rate adjustment, the South Korean won appreciated to 1,480 against the U.S. dollar, recovering from approximately 1,560 two weeks earlier. Bitcoin's value remained relatively stable against the won, trading slightly above KRW 94.96 million on Upbit, a leading local exchange.
