The Bank of Japan (BOJ) has refrained from raising interest rates while global financial markets remain unstable, according to Deputy Governor, Shinichi Uchida. The recent turmoil in global markets was significantly affected by concerns of the BOJ’ raising rates, causing a downturn in the crypto market as well.

Adding to the geopolitical intrigue, Arthur Hayes, co-founder of crypto trading platform BitMEX, weighed in on the situation, linking Uchida’s decision to the upcoming United States elections.

In a post on social media platform X (previously known as Twitter), Hayes alleged that the U.S. Treasury Secretary Janet Louise Yellen gave a “terse phone call” to Uchida, asking him not to raise the interest rates due to the potential stress on global markets, including the U.S. nearing the 2024 presidential elections.

Hayes believed Yellen made the call to support the campaign of Democratic candidate and current Vice President, Kamala Harris. According to Polymarkets, Harris has a 46% chance of winning the US presidential elections while Trump’s chances have fallen down to 62%, despite the strong support he has garnered from the digital asset space.

The BitMEX co-founder further added that Yellen will further inject $300 billion to $1.05 trillion “between now and year end” adding that he would publish an essay titled “Spirited Away” after the US Treasury Quarterly Refunding Announcement.

Notably, following the BOJ’s initial signals of a potential interest rate change, Bitcoin (BTC) experienced a significant crash. However, the price of the leading cryptocurrency has since rebounded, with a 3.7% surge on Tuesday and a 3% increase in the past 24 hours. At the time of writing, BTC is trading at $57,213, with a 48.74% decrease in trading volume. The market cap of BTC currently stands at $1.13 trillion.