Good morning, Asia. This is what news is doing in the markets:
Welcome to Asia Morning Briefing, a daily summary of the main stories during the US hours and an overview of the movements and market analysis. To obtain a detailed description of the US markets, see Cryptokook from Coindesk America.
South Korea has been known for a long time because of its huge influence on Altcoins markets, from the XRP mania that carried a 400% rally last year to the current obsession with a file that is proudly called useless.
The useless $ phenomenon has ties with Kols of South Korea, Bradley Park, an analyst based in DNTV Research, told Coindesk in an interview.
In the center of everything is Yeomyung, a Kol and Liquidity Korean supplier who entered useless, remained through a 50% dismissal and is now sitting in serious paper profits.
“He obtained great profits during Trump’s currency career, and with useless, he also won [providing liquidity] At first and now he’s just holding, “Park told Coindesk.” Everyone is waiting for an CEX list, because without it, there is no real way to leave. “
Park tracked Yeomyung’s wallet and pointed out that his early sentence has inspired copies trade among Corian retail investors. Even wallets tied to Jupiter experts in Solana
They are holding. The increase in the useless reflects a broader evolution in the behavior of the Korean market.
“I really believe that Korean users in this market are not only liquidated,” he said. “They are beginning to understand the market and evolve real global players.”
Another character in this story is Bonk boyAn early promoter of Bonk, who reappeared for Tweet with enthusiasm about useless after the price was recovered, although some Korean merchants, including Park, have questioned their sincerity.
Bonk Guy was the first at Shill Letsbonk, “Park said. “But after the price collapsed, it was silent. Now that useless is recovering, suddenly it is showing interest again.”
Park pointed out the emergence of hyperlichids, Kaia, and now Memecoras based in Solana as useless as evidence that Korea is no longer a secondary market.
Although XRP’s rally was backed by legal clarity in the United States and narratives on the deregulation of the Trump era, useless feel less like chaos for the good of chaos and more as a reflection of where attention and exhaustion flow in the current market, Park said.
Without a road map, without utility, and without pretensions to build something larger, it takes advantage of a kind of metic disappointment: a collective shoulder shrink in traditional cryptographic promises and an ironic bet in nothing that, paradoxically, seems to be more honest than many tokens that claim to change the world.
Trump supports the genius law
President Donald Trump supported the Genius law in a social publication of the truth after his bipartisan passage in the Senate, qualifying him as an important step towards the leadership of the United States in the digital asset sector.
Trump urged the House of Representatives to approve the bill “Lightning Fast” and without amendments, stating that it should be sent to its desktop with “without delays, without accessories.”
The message indicates a strong executive support for the National Innovation Law for National Innovation for the United States (Genius), which introduces the reserve and compliance requirements for Stablecoin issuers backed by dollar and marks the first important piece of cryptographic legislation to clear the Senate.
Trump framed legislation as a key to allowing “mass investment” and “great innovation”, positioning the United States as a world leader in digital assets.
Although the bill approved the Senate with a significant bipartisan support, its destination in the Chamber remains uncertain.
Democratic legislators are weighing the potential amendments, including the strictest supervision of tokens issued by foreigners and the limitations of possible emitters.
However, the bill is not exempt from critics. In a recent Editorial de Coindesk, the professor of finance at the University of Georgetown, James J. Angel, argues that the genius law is defective legislation due to the supervision fragmented by 55 regulators, redundant processes, exclusion of opening clouds and inefficient joint regions.
News roundup: Coinbase has coinbase payments for merchants
Coinbase (Coin) presented Coinbase payments on Wednesday, previously reported a new pile of payments centered on merchants based on its Ethereum Layer-2 network base.
The product allows global electronic commerce platforms such as Shopify to accept the USDC 24 hours a day, 7 days a week without the need for blockchain experience, using tools such as a payment without Stablecoin gases, an Electronic Commerce API engine and a chain payment protocol.
Coinbase said that the system is designed to replicate traditional payment rails while reducing costs and offers a liquidation always on. The launch positions Coinbase together with Fintech companies such as Stripe and Paypal in the race to modernize payments with blockchain infrastructure.
It also deepens its association with USDC Emiser Circle (CRCL), whose shares increased 25% in the news, while Coinbase recovered from 16%. Coinbase says that Stablecoins prosecuted $ 30 billion in transactions last year, tripling the previous year, and is betting that programmable payments in dollars will continue to interrupt the global financial battery.
Market movements:
- BTC: Bitcoin recovered above $ 105,000 in a V-shaped recovery despite increasing Israel-Iran tensions, with strong ETF tickets and a key support for $ 103,650 that highlight institutional confidence in the midst of market volatility, according to the technical analysis data of Cindeesk Research.
- ETH: Ethereum recovered from 4% to stay above $ 2,500 despite Middle East tensions, with a record commitment and a signage of increasing accumulation condemnation of investors in the midst of market volatility.
- Gold: Gold fell 0.19% to $ 3,383.11 after the Fed maintained stable rates at 4.25-4.5%, and President Powell does not indicate imminent changes in policies and emphasizes continuous economic strength despite commercial tensions.
- Nikkei 225: Nikkei 225 from Japan fell 0.27% on Thursday when Asia-Pacific markets were negotiated mixed, heavy for the pause of Fed’s rates and the current tensions of Israel-Iran.
- S&P 500: The S&P 500 fell 0.03% to 5,980.87 after the Fed kept the stable rates, with President Powell pointing to an approach to wait and see in the midst of uncertainty about Trump’s tariffs.
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