What to Know
- Nvidia’s historic rise to a $4 trillion market cap may have catalyzed Bitcoin (BTC) to surpass $111,000, providing a much-needed driver for its market.
- Analysts from Glassnode observed that BTC’s current subdued market behavior reflects a growing institutional maturity rather than weakness, with dominant activities by big transfers and cautious long-term investors.
- Although Nvidia’s stock and Bitcoin were once closely linked, recent analysis indicates this correlation is diminishing, suggesting Bitcoin may remain resilient even if Nvidia’s growth falters.
Good Morning, Asia, here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a summary of top stories during U.S. hours and an overview of market shifts and analyses. For a comprehensive overview of U.S. markets, refer to CoinDesk’s Crypto Daybook Americas.
Nvidia’s ascent to a historic $4 trillion market cap might be just the catalyst Bitcoin needed to escape its constrained trading range and reach new heights. This addresses the analysts’ concerns regarding the lack of a clear driver in the crypto market.
Bitcoin is currently priced around $110,900 as per CoinDesk market data, after a notable rally during U.S. trading hours that saw it surpass $111,000 briefly, touching all-time highs.
Despite current market tensions, BTC showcases strength near critical support levels as major institutions defend key price points.
