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.
Nvidia’s ascension to a historic market capital of $ 4 trillion, the first ever company that has achieved this milestone is possibly exactly the catalyst Bitcoin
Need to break out of the dense coiled trade area and wave against new all-time highs, and addresses analysts’ concerns that the crypto market lacked a clear driver.
BTC is currently trading for $ 110,900, according to Coindesk market data, after gathering in US trade times for over $ 111,000 and briefly affected constantly high.
Glassnode analysts had previously described Bitcoin’s recent market activity as quiet, characterized by rejecting transactions on chain, minimal miner income and oppressed fees.
Instead of interpreting these factors as bearish indicators, Glassnode highlighted a mature market that is increasingly dominated by institutional transactions of great value and cautious long -term holders.
All of this is said that the relationship between NVIDIA and BTC can be short -lived as data suggests it is weakened.
While the relationship between the GPU giant and BTC peaked over 0.80 under the AI-driven euphoria in early 2024, and the three-month average remains relatively strong at 0.69, the latest data shows a dip to about 0.36, indicating a possible decoupling as an investor focus.
Still, Nvidia’s milestone seemed to act as a potential trigger for BTC outbreaks from weeks of PrisinTEt.
However, it is possible that Nvidia’s stock prices can at some point correct considering its unstable nature. But this weakening of coherence means that the BTC price can remain resistant – when that day comes.
Australia begins CBDC testing in the real world
Australia’s central bank digital currency (CBDC) Initiative, Project Acacia, has entered its next phase as the Reserve Bank of Australia names 24 industrialists selected to test in the real world applications of digital money in tokenized asset markets.
The project is speared by the Reserve Bank of Australia and Digital Finance Cooperative Research Center and brings together large banks, fintechs and infrastructure companies to try programmable digital money in the real world’s economic workflows.
The pilots will explore settlement across asset classes such as bonds, carbon credits, private markets and receivables.
Nineteen projects will involve live transactions, while five remain on the proof-of-concept phase. ASIC has provided targeted legislative relief to allow tests with real assets and continue its approach to enable responsible innovation in digital funding.
While Australia is pushing further with additional CBDC development, Bank of Canada has shifted its focus away from developing a retail CBDC, in the midst of mounting criticism that such a system could enable government surveillance by allowing authorities to monitor any transaction, as opposed to anonymity offered in cash.
Market movements
BTC: Bitcoin hovered near $ 109,000 when institutions defended key support levels in the midst of light resistance to $ 110,000, which showed resilience despite sleeping wallet activity and regulatory uncertainty, while macro conditions such as a weakened dollar and stable rate reduce odds that strengthened the company’s appetite for risk assets.
ETH: ETH closed a fleeting 23-hour session up 2.8 percent with a strong institutional volume and resilience over $ 2,650 signaling continued bullish positioning in the middle of market uncertainty.
Gold: Gold prices extended losses for another day hovering close to $ 3,285 as reduced July -fed betting betting, a strong US dollar and fixed treasury pressed the metal, although the trading -star riffs and upcoming FOMC minutes helped to limit further downward downward downward.
Nikkei 225: The Markets of the Asia-Stop Ocean opened mixed on Thursday when investors weighed Bank of Korea’s rate-mad and US President Trump’s steps to impose a 50% duty on Brazilian imports and refer to unreasonable trade and retaliation over Bolsonaro’s prosecution with Japan’s Nikkei 225 down 0.45%.
S&P 500: Stock-futures were mostly flat on Wednesday night, after the S&P 500 itched some losses from this week’s customs decline, with Dow Futures sliding only 37 points.
Other places in crypto
- US Digital Assets Tax Policy to hear under ‘Crypto Week’ (Coindesk)
- Pump.Fun Planning 25% Revenue share with token holders: Sources (Blockworks)
- Judge recommends dropping Logan Paul’s ex-assistant from ‘Cryptozoo’ trial (Decryptter)
