Key Updates:
- Bitcoin surged by 3.26% over the weekend, reaching $110,169 amidst increased trading volume and macroeconomic uncertainties.
- Ethereum’s institutional staking is gaining traction, buoyed by protocol upgrades and a transition towards decentralization.
- Trump Media and Semler Scientific are touted as undervalued options for Bitcoin investment according to NYDIG.
Good Morning, Asia! Here’s what’s noteworthy in the markets:
Bitcoin is currently trading under $110,000, at $109,795, as Asia continues its trading week. This market movement contradicts previous narratives of stagnation during summer, particularly following a report from QCP Capital which highlighted both a lack of volatility and immediate catalysts for price movement.
A clean break either below $100K or above $110K is essential to revive wider market interest. However, QCP has noted that recent macroeconomic developments have not fostered directional conviction. Despite a rally in US equities and a sell-off in gold following a strong jobs report, Bitcoin remained unaffected, indicating an ongoing state of indecision within the market.
This context renders Bitcoin’s recent price surge surprising. Over the weekend, Bitcoin increased significantly, with trading volumes hitting 2.5 times the 24-hour average.
Market Movements:
- BTC: Trading at $109,795, boosted by institutional purchases and heightened trading volume.
- ETH: Up by 4.46%, currently at $2,581, signaling favorable trading conditions.
- Gold: Approximately $3,314.45 as geopolitical factors influence pricing.
Elsewhere in Crypto:
- Plasma’s XPL Token Sale pulled in $500 million as it attracted investor interest in stablecoin initiatives.
- Coinbase has reportedly lowered account lockouts by 82%.
- Argentine President Milei has been absolved from involvement in a meme coin probe.
