ChainCatcher news, according to CoinDesk, Bitcoin rebounded above $59,000, but the rally has weakened due to hints of further interest rate hikes in Japan. However, according to the CoinDesk20 index, BTC still rose 1% in the past 24 hours, while the broader cryptocurrency market rose by about 0.9%.

This week will see a slew of U.S. economic data released, starting with the Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index for August later on Tuesday. Weak data would strengthen the case for the Federal Reserve to cut interest rates, which is expected to boost riskier assets such as cryptocurrencies.

Bank of Japan Governor Kazuo Ueda reiterated that the central bank will raise interest rates further if the economy and inflation develop as expected. Ueda said the economic environment remains accommodative, with inflation-adjusted interest rates still negative even after a hike in benchmark borrowing costs at the end of July. This is the first time in decades, triggering the unwinding of yen carry trades and causing instability in risky assets.