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.
As Asia begins its negotiation day, ETH is traded above $ 4600, 10% more in the last 24 hours, since the possibility of a rate reduction in September made its way through the market. Some merchants consider that ETH can quickly challenge their historical maximum of $ 4876 established in 2021.
Polymarket’s traigators go one step further; They believe that $ 5000 is possible before the end of August, and they are also giving a 28% chance that the price of the asset passes $ 5800 before the end of the month.
The increase has helped reduce Bitcoin domain from 65% to 59% as merchants turn in Altcoins.
In a recent report, Glassnode analysts wrote that ETH is now approaching the standard deviation band of +1 “price made active” of around $ 4.7K, a level that has caused a great sale in past cycles.
But behind the scene, there is a growing liquidity sink that could weigh a lot in the next eth growth phase.
A new cryptocant report shows that Ethereum serves more and more as a liquidity source for the Tron USDT ecosystem.
On August 9, cryptocant data shows that an ETH record value of $ 7.7 million joined Tron and became USDT, while on June 25 he saw ERC20 tokens of $ 19 million, mostly USDC, make the same movement.
Tron’s entries to Ethereum are still minimal, highlighting a unidirectional value flow that supports the stablecoin economy of Tron, but siphon the liquidity of Ethereum’s deficor activity.
Over time, persistent outputs can weigh on spot demand and reduce the income of continuous Ethereum rates and rethink the rewards as the stablecoin economy clears more in other places.
If this trend persists, Ethereum’s role may be more and more like that of a cape of wholesale financing, which drives liquidity for rival networks instead of capturing transactional activity itself.
That dynamic may not derail the current short -term rally, but it could limit the sustainability of higher valuations if the capital flies towards faster and more cheaper settlement layers like Tron continues without control.
But for now, the market has its eyes at $ 5K ETH.
Market movements
BTC: Bitcoin has $ 119,943 (+0.4%) With an intact bullish impulse, although the resistance looms to $ 123K in the middle of the ETF exits and the ETH rally, according to the Coindesk market market.
ETH: ETH is quoted above $ 4600, since the possibility that a rate cut of 50 PBS is large.
Gold: The gold exceeded up to around $ 3,350 as the US inflation data.
S&P 500: The S&P 500 and NASDAQ reached the maximum record as July data met expectations, which increases bets in a feat cut in the September Fed and technological lifting actions.
Nikkei 225: Asia-Pacific markets opened the highest Wednesday, with Japan Nikkei 225 1% more after a record closure on Tuesday.
In another part of crypto
- Polymarket active merchants jump 18% as the six -month drop ends, but the average commercial size falls (The block)
- Top Crypto Vc Matt Huang to lead the stripe blockchain tempo like CEO, stay in the paradigm (Fortune)
- Who is Patrick Witt, President Trump President Trump in Crypto? (Cindenesk)
