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.
The rise of Nvidia to a historical market capital of $ 4 billion, the first company to achieve this milestone, could be exactly Catalyst Bitcoin
He needed to get out of his closely enrolled negotiation range and arise towards the new maximums of all time, addressing analysts’ concerns that the cryptography market lacked a clear driver.
BTC is currently quoted at $ 110,900, according to Coindesk market data, after meeting during the US negotiation hours to more than $ 111,000 and briefly touching all time.
Glassnode analysts had previously described the recent Bitcoin market activity as silent, characterized by the decrease in chain transactions, minimum minimal income and suppressed rates.
Instead of interpreting these factors as bearish indicators, Glassnode highlighted a mature market increasingly dominated by institutional transactions of great value and long -term cautious holders.
That said, the correlation between NVIDIA and BTC could be shortly since the data suggests its weakening.
While the correlation between the GPU giant and the BTC reached its maximum point above 0.80 during the euphoria driven by AI of the beginning of 2024, and the average of three months remains relatively strong in 0.69, the latest data shows a fall of around 0.36, which indicates a possible decoupling as the investment approach changes.
Even so, the Nvidia milestone seemed to serve as a possible trigger for the breakdown of BTC weeks of pricing.
However, it is possible that Nvidia’s actions are corrected at some point, given their volatile nature. But this weakened correlation means that the price of BTC could remain resistant, when that day comes.
Australia begins CBDC tests of the real world
Digital Currency of the Central Bank of Australia (CBDC) The initiative, Project Acacia, has entered its next phase, since the Bank of the Australian Reserve names 24 selected industry participants to test applications of the real world of digital money in tokenized asset markets.
Headed by the Bank of the Australian Reserve and the Cooperative Research Center for Digital Finance, the project brings together the main banks, Fintechs and infrastructure signatures to test digital money programmable in financial workflows of the real world.
The pilots will explore the agreement in asset classes, such as bonds, carbon credits, private markets and commercial accounts receivable.
Nineteen projects will involve live transactions, while five will remain in the concept proof stage. ASIC has granted an objective regulatory relief to allow tests with real assets, continuing its approach to allow responsible innovation in digital finances.
Although Australia is moving forward with a greater development of CBDC, the Bank of Canada has focused on the development of a retail CBDC, amid increasing critications that said system could allow government surveillance by allowing the authorities to monitor each transaction, unlike the anonymity offered by the cash.
Market movements
BTC: Bitcoin was around $ 109,000 as the institutions defended the key levels of support in light resistance in $ 110,000, showing resilience despite the activity of the latent wallet and regulatory uncertainty, while macro conditions as a weakening dollar and constant rates reduce the probabilities reinforced by corporate appetite for risk assets The Coendesk market market.
ETH: ETH closed a volatile session of 23 hours up to 2.8 percent, with a strong institutional volume and a resilience above $ 2,650 continued signage of bullish positioning amid the uncertainty of the market.
Gold: Gold prices extended losses for a second day, around $ 3,285 as the reduction in July food feeding, a strong US dollar and the firm yields of the treasure pressed the metal, although the concerns of commercial rates and the next minutes of FOMC helped to limit even more downward.
Nikkei 225: Asia-Pacific markets opened mixed Thursday when investors weighed the retention of rates of the Bank of Korea and the movement of the president of the United States Trump to impose a 50% rate on Brazilian imports, citing unfair trade and reprisals on the prosecution of Bolsonaro, with Nikkei 225 of Japan by 0.45%.
S&P 500: The stock futures were mainly flat on Wednesday night after the S&P 500 raised some losses of the decline driven by this week’s rate, with Dow futures sliding only 37 points.
In another part of crypto
- Fiscal Policy of Digital Assets of the United States. UU. Obtaining hearing during the ‘Crypto Week’ (Cindenesk)
- Pump. Fun 25% income participation plans with tokens holders: sources (BlockWorks)
- Judge recommends dropping Logan Paul of the ‘Cryptozoo’ demand (Decipher)
