[News Brief] Apr 22, morning | Bank of Korea says a rate hike should be considered as inflation rises

About $106 million worth of positions were liquidated in the cryptocurrency market over the past hour, Odaily reported, citing Coinglass data.

Of this total, short liquidations accounted for $104 million, while long liquidations came to $2.1 million. By asset, Bitcoin (BTC) liquidations totaled $69.87 million, while Ethereum (ETH) liquidations reached $24.53 million.

Bitcoin hit $80,039, according to Bitcoin Magazine on X.

This was a simple breaking update reporting that the price had reached that level. The article did not include further details such as exchange-level price differences, drivers behind the move, or broader market implications.

A senior Bank of Korea official said a rate hike should be considered due to rising upside inflation risks.

The assessment is that while the likelihood of growth falling significantly short of previous projections has diminished, inflation could come in above expectations.

According to Odaily, Ryu Sang-dai, Senior Deputy Governor of the Bank of Korea and a member of the Monetary Policy Board, said it was time to consider a rate hike as the economy has remained more resilient than expected and inflationary pressures have increased even after the Middle East war.

The Bank of Korea has kept its base rate unchanged since July last year. In February this year, it forecast economic growth of 2.0% and inflation of 2.2%.

Policymakers had initially expected Iran-related geopolitical unrest to slow growth and push up prices, but recently assessed that growth has not deteriorated as much as feared, supported by strong semiconductor shipments, while inflation risks have instead increased.

Regarding the Korean won, Ryu said that, considering economic fundamentals, the currency still remains weaker than in the past. The won recently fell to its weakest level against the U.S. dollar since the global financial crisis.

As for concerns over dependence on semiconductors, he said the core risk is not the expanding share of the industry itself, but whether the industry cycle turns and whether the spillover effects fall short of expectations.

Nick Timiraos reported, citing sources, that Jerome Powell is considering remaining on the Federal Reserve Board even after stepping down as Fed chair in May 2026.

According to Odaily, Powell remaining as a governor is largely intended to preserve continuity in monetary policy and help ensure that the Fed continues to operate independently within its existing framework. Sources said recent institutional and legal uncertainties have strengthened Powell’s willingness to stay.

However, some in the market believe that while the idea could help stabilize policy expectations, it may also affect the transfer of authority to the next chair and the Fed’s internal decision-making structure.

Powell’s future role and the issue of Fed independence have long been regarded as key macro variables by the market.

Asian stocks surged as resilient earnings from major U.S. technology companies and President Trump’s comments supporting navigation through the Strait of Hormuz boosted sentiment.

The MSCI Asia-Pacific Index excluding Japan rose as much as 2.7% intraday, reaching a record level.

According to Odaily, major tech-heavy indexes in South Korea and Taiwan each jumped more than 3.5%. SK Hynix rose about 10%, while TSMC gained more than 6%.

Pepperstone research strategist Dilin Wu said that overheated artificial intelligence-related trading was one factor behind the strength in some Asian markets such as South Korea. However, he maintained cautious optimism on the broader Asian market, warning that geopolitical uncertainty and high oil prices could cap further gains.

The rally was interpreted as reflecting both improving expectations for U.S. tech earnings and easing concerns over Middle East maritime transport risks.

SK Hynix shares rose 9.8% to an intraday high of 1,412,000 won, pushing its market capitalization above 1,000 trillion won for the first time.

According to Odaily, SK Hynix shares hit a new intraday record high based on Gate data, extending their gains.

According to Whale Alert, 145.19 million USDT (about $145.14 million) was transferred from Kraken to Bitfinex.

A large stablecoin transfer between exchanges was detected, though its exact purpose has not been confirmed.

The transfer took place on the Ethereum network. Large inter-exchange stablecoin movements are often seen as potential signs of liquidity reallocation or preparation for trading, leading to speculation about possible short-term supply-demand effects.

According to Odaily, on-chain sleuth ZachXBT said on X that PolyArb is a fake prediction market service embedded with a wallet drainer.

He said the PolyArb website contains functionality designed to steal users’ wallet information, and that the account repeatedly posted controversial replies under posts related to well-known prediction markets in order to attract traffic and induce user participation.

The allegation once again highlights the need for caution regarding phishing and scam services tied to prediction markets.

According to PANews, the on-chain whale account 'pension-usdt.eth' has recorded more than $16 million in unrealized losses on 3x short positions in Bitcoin and Ethereum.

Based on Onchain Lens monitoring, the account maintained BTC and ETH short positions during the market rally, causing mark-to-market losses to widen.

This report concerns on-chain wallet activity, and the actual closure of the positions and the amount of realized losses have not been confirmed.

According to Odaily, on-chain analyst Ai Yi said that a whale holding an 80,000 ETH long position is sitting on $5.89 million in unrealized profit.

The whale currently holds a total of $186 million worth of Ethereum long positions through two addresses. The average entry price is $2,265, and the analyst said the position has not been reduced even once since it was opened on April 30.

The whale is seen as showing a trading style of taking large positions and continuing to hold through price volatility.