Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Bitcoin (BTC) traded at $ 119,430 in the early Asia hours Monday, an increase of 1.24%, as Bullish Momentum continued after a series of institutional milestones and a breakthrough trade between the United States and the European Union. Coindesk 20 (CD20) index increased 2.37% to 4,099.18, which expanded its recent improvement.
Over the weekend, President Donald Trump and Europe announced the President Ursula von der Leyen a frame trading agreement in Turnberry, Scotland, which puts a 15% US import tariff on EU products and avoids the previously threatened 30% rate. The deal includes $ 600 billion in the EU investments in US energy and defense over the next three years and aims to reduce Europe’s dependence on Russian fuel. Tariffs on steel and aluminum remain at 50% for the time being.
At the same time, Bitcoin’s realized market value crossed, a measure of the total value of BTC based on last time each coin moved, the $ 1 trillion threshold for the first time, according to Glassnode.
All of this comes as BTC continues to consolidate over $ 118,000 after hit a record height of $ 122,700 last week. Rally triggered significant long-term owner sales while drawing new buyers and fresh capital. BTC dominance, which measures Bitcoin’s market share compared to the total crypto market, has risen to 60.98%, suggesting modest rotation to Altcoins.
On Friday, Galaxy announced Digital that it had performed a $ 9 billion BTC transaction on behalf of a Satoshi era investor, one of the largest single bitcoin transfers in history. The sale involved 80,000 BTC and was reportedly part of a real estate planning strategy.
The lack of price movement despite the size of the agreement is probably a testimony to how much BTC is illiquid, thanks to prolonged hodling. A market on the verge of a supply-hock-rally can take an extra $ 9 billion that is placed for sale.
Meanwhile, the polyming field now BTC gives a 24% chance to hit $ 125,000 by the end of July, up from 18% earlier in the week. The increased odds come when dealers weigh the effect of macro-tail winds and grow conviction of chain.
Market movements
BTC: Bitcoin trades over $ 119K as the United States and the European Union sign a trade agreement, while Coinglass data shows that dealers have dipped down in most short positions.
ETH: Ether trades with $ 3,867.76, an increase of 3%, in the midst of strong onchain foundations: 28% of ETH is stacked, exchange balances are at eight-year low and new buyerflows are rising.
Gold: Gold is down in a fourth equal day that deals with about $ 3,335 in early Asia despite a 28% year to date, as progress with USA-EU and US-China trading agreements reduces the demand for safe haven prior to this week’s FOMC meeting.
Nikkei 225: Asia-Stophav markets traded mixed on Monday when investors were waiting for details about US trade negotiations.
Other places in crypto
- Michael Saylor brings Bitcoin-supported Money-Market-Styls Vehicles to Wall Street: Newly (Coindesk)
- Drug company will buy up to $ 700 million in BNB after coin hits all the time (decrypt)
- This fake Bitcoin -atm scheme has spilled 4,000 hours of scams time (decryptter)
