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 a new commercial week, Bitcoin
It is changing from hands to $ 109K, 0.8% more in the last week or 4.5% in the last month according to Coindesk market data.
In an era of BTC btc purchases continuous continuous Michael Saylor. (Mstr), Sustained BTC exchange negotiation fund (ETF) TicketsAnd more companies that adopt a BTC treasure strategy, one has to wonder why the Bitcoin price has not passed beyond all the maximums.
A new Cryptoquant report explains: all this institutional action is not compensating for a general decrease in spot demand for BTC.
“The annual growth of Bitcoin’s demand shows a similar image: ETF and MSTR purchases are a part of Bitcoin’s demand, the general contraction of demand is more than compensating for these purchases, and the acceleration of the general growth in demand is what drives prices manifestations,” Cryptoquant wrote in a recent report.
Cryptoquant points out that in the last 30 days, there has been a contraction in the demand of BTC for a sum of -895k.
In addition, compared to December, ETF and Mstr purchases are slowing down. In the last month of the year, ETFS bought 86,000 BTC and MSTR 171,000, while in the last month those numbers have dropped significantly. ETFS only bought 40k BTC, while Mstr bought 16K.
BTC is stuck in a consolidation phase and the demand is not there to boost a break and Cryptoquant writes.
An additional data point for the decelerated demand test is the almost empty Mempool of BTC, which demonstrates how little retail demand has the market.
The question is, if institutional purchases continue to decrease, how much resistance will it put at the price of BTC?
Anthony Scaramucci of Skybridge Capital says that BTC’s treasure trend, a reliable source of Bitcoin’s demand, will fade.
“At this time we are having this replicative idea of the Treasury company,” Scaramucci said during an interview with Bloomberg last week. “So, you know, it will fade.”
“Saylor’s case is different, because it now has a couple of different products,” Scaramucci continued in the interview. “I am not negative in others, because I am too optimistic with Bitcoin, but I would only say that as an investor, you have to look through the underlying costs associated with each of these treasure companies.”
Meanwhile, Standard Chartered remains a BTC Bull with the bank maintaining its target price of $ 200k for the world’s largest digital asset.
Market movements:
- BTC: Bitcoin was consolidated above $ 108,500 over the weekend later increased from $ 108,327 to $ 108,620 in the last hour, with $ 108,200- $ 108,300 now that now supports the upward trend.
- ETH: Ethereum recovered from $ 2,520.45 to $ 2,558.63 on July 6 with a volume of increased negotiation to 272,352 ETH, finding support at $ 2,510 in the midst of global economic tensions, while $ 1.1 billion in June ETF ETF tickets and potential of accumulation signal of whale records for a break despite the resistance despite the resistance near $ 2,600.
- Gold: Gold increased 1.91% to $ 3,336.61 last week, driven by a weakening dollar, a 91.5% probability of a federal reserve rates in September, inminating tariff threats and a 73% increase in Gold imports of China of China
- Nikkei 225: Japan reference Nikkei 225 fell 0.26% after the White House continued with its mixed messages in rates.
In another part of Crypto:
- The probabilities of recession of the USA (Cindenesk)
- Ethereum is promoting the future of Wall Street. The cryptographic scene in Cannes shows how far it has arrived (CNBC)
- Sweden orders the police to increase the seizures of criminal cryptographic profits (Decipher)
