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.
As East Asia begins its trading day, BTC is shopping for $ 116,263, 1.1% down the day and 2% lower in the week, according to Coindesk Market Data, while ETH is $ 4,322, out of 3.8% in the last 24 hours, but still up 2.6% weekly.
The Coindesk 20 (CD20)An index tracking of the largest crypto assets is down 2.4%.
The polymarket -odds suggests that dealers support weakness through the end of August. The most likely result for BTC is now close to below $ 111,000 with a 34% probability, while ETH’s highest weighted scenario is a finish near $ 4,800 at 43%.
Enflux, a Singapore-based market manufacturer, said the market is being drawn in two directions.
“The market remains trapped between strong underlying institutional conviction, highlighted by Strategy Inc.’s additional 430 BTC purchases and structural financing and lack of immediate retail follow-up,” wrote it in a note to Coindesk.
ENFLUX pointed to Vanecks repeated $ 180,000 years after the end of the Bitcoin target as proof that institutions are placed for continuation even when retail-favorite tales such as XRP and DOGE have been limited by SEC’s delays on ETF approvals.
Solana remains an exception, wrote Enflux with “quiet strength” from its dominance in USDC transfers and Pumpfun’s share of new token issues.
Derivative positioning still shows caution.
QCP reported in a recent market update that eternal financing rates became negative over the weekend, a set -up that preceded previous withdrawals, and options that are now favors favors, laying across maturity.
The result is a market that looks structurally supported at the top, but tactically defensive into Thursday’s Jackson Hole Symposium, where Fed-Chairman Jerome Powell is expected to tackle the policy under the weight of higher than expected inflation and a white house that continues to challenge Fed’s neutrality.
With crypto-search interest on a four-year high and genius that sails through Washington, and now in the hands of regulators, the basis for a wider rally is still being built.
But so far, prediction markets and price action suggest that conviction is concentrated at the top while the current remains selective.
Market Movers
BTC: Bitcoin swung between $ 114,993 and $ 117,620 on August 18, with volumes well above average as dealers digested State Secretary Scott Bessent’s clarification that strategic reserves would be filled in through budget-neutral acquisitions rather than direct government purchases, as well as expected that the upcoming Jackson Hole Summit, where Jerome Powell is expected to be expected to go out of to keep res, as it is.
ETH: Ethereum dropped 3% to $ 4,330.61 on August 18 in the middle of heavy volatility and repeated resistance near record heights, even when the US spot -TFs drew $ 3.71 billion in sharp contrast to continuous retail sales.
Gold: Gold hovered close to $ 3,333 – $ 3,394 per Ounce on Monday, and in the early US trade as a position square, which was put into ahead of Fed’s Jackson Hole Symposium, where President Jerome Powell may suggest that September rates are reducing cuts, while traders also weigh USA-Ukraine diplomacy and wider geopolitical Uncertainters under demand for needs.
Nikkei 225: Asia-Stocking’s warehouses, most of the Tuesday, the White House of White House slipped between Trump, Zelenskyy and European leaders, although Japan’s Nikkei 225 increased 0.1% and Topix was flat.
S&P 500: US shares were slightly changed Monday as the summer rally showed signs of fatigue ahead of fed minutes, greater retail earnings and Jerome Powell’s Jackson Hole speech later this week.
Other places in crypto
- The US Ministry of Finance begins working at genius, collecting views of illegal activity (Coindesk)
- After attacking Monero, Qubic puts its sights on Dogecoin – here is why (Decryptter)
- Michael Saylor facilitates stock-sales limits when Bitcoin Premium Falls (Bloomberg)
