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Asia Morning Briefing: Nvidia’s Rally to $4 Trillion Might Have Helped BTC, But Correlation Is Waning

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Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Nvidia’s ascent to a historic $4 trillion market cap, the first-ever company to achieve this milestone, might be exactly the catalyst bitcoin (BTC) needed to break out of its tightly coiled trading range and surge toward new all-time highs, addressing analysts’ concerns that the crypto market lacked a clear driver.

BTC is currently trading at $110,900, according to CoinDesk market data, after rallying during the U.S. trading hours to over $111,000 and briefly touching all-time high.

Glassnode analysts had previously described Bitcoin’s recent market activity as quiet, characterized by declining on-chain transactions, minimal miner revenues, and suppressed fees.

Rather than interpreting these factors as bearish indicators, Glassnode highlighted a mature market increasingly dominated by large-value institutional transactions and cautious long-term holders.

All this being said, the correlation between Nvidia and BTC might be short-lived as data suggests its weakening.

While the correlation between the GPU giant and BTC peaked above 0.80 during the AI-driven euphoria of early 2024, and the three-month average remains relatively strong at 0.69, the latest data shows a dip to around 0.36, indicating a possible decoupling as investor focus shifts.

Still, Nvidia’s milestone seemed to serve as a potential trigger for BTC breakout from weeks of price inertia.

However, it’s possible that Nvidia’s share prices might correct at some point, given its volatile nature. But this weakening correlation means that BTC price might remain resilient – when that day comes.

(TradingView)

Australia Begins Real-World CBDC Tests

Australia’s central bank digital currency (CBDC) initiative, Project Acacia, has entered its next phase as the Reserve Bank of Australia names 24 industry participants selected to trial real-world applications of digital money in tokenized asset markets.

Spearheaded by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, the project brings together major banks, fintechs, and infrastructure firms to trial programmable digital money in real-world financial workflows.

The pilots will explore settlement across asset classes such as bonds, carbon credits, private markets, and trade receivables.

Nineteen projects will involve live transactions, while five will remain at the proof-of-concept stage. ASIC has granted targeted regulatory relief to allow testing with real assets, continuing its approach of enabling responsible innovation in digital finance.

While Australia is pushing ahead with further CBDC development, the Bank of Canada has shifted its focus away from developing a retail CBDC, amid mounting criticism that such a system could enable government surveillance by allowing authorities to monitor every transaction, unlike the anonymity offered by cash.

Market Movements

BTC: Bitcoin hovered near $109,000 as institutions defended key support levels amid light resistance at $110,000, showing resilience despite dormant wallet activity and regulatory uncertainty, while macro conditions such as a weakening dollar and steady rate cut odds bolstered corporate appetite for risk assets, according to the CoinDesk market insights bot.

ETH: ETH closed a volatile 23-hour session up 2.8 percent, with strong institutional volume and resilience above $2,650 signaling continued bullish positioning amid market uncertainty.

Gold: Gold prices extended losses for a second day, hovering near $3,285 as reduced July Fed rate cut bets, a strong U.S. dollar, and firm Treasury yields pressured the metal, though trade tariff concerns and upcoming FOMC minutes helped limit further downside.

Nikkei 225: Asia-Pacific markets opened mixed Thursday as investors weighed the Bank of Korea’s rate hold and U.S. President Trump’s move to impose a 50% tariff on Brazilian imports, citing unfair trade and retaliation over Bolsonaro’s prosecution, with Japan’s Nikkei 225 down 0.45%.

S&P 500: Stock futures were mostly flat Wednesday evening after the S&P 500 clawed back some losses from this week’s tariff-driven decline, with Dow futures slipping just 37 points.

Elsewhere in Crypto

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Sequans Communications Kicks Off Bitcoin Treasury with 370 BTC Purchase

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Sequans Communications (SQNS), a leading cellular semiconductor maker, has announced its acquisition of 370 bitcoin BTC as part of a newly launched bitcoin treasury strategy.

The purchase was funded by proceeds from its recent equity and convertible debenture offering that closed on July 7.

“We are excited to begin executing our strategic plan to accumulate over 3,000 BTC in the coming weeks,” said Georges Karam, CEO of Sequans. “This initiative reflects our confidence in bitcoin as a long-term store of value for our shareholders.”

Sequans has chosen Coinbase as custodian, utilizing Coinbase Prime’s institutional-grade services.

Sequans Communications shares are up 2% in pre-market trading following the announcement of its bitcoin treasury strategy.

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Polkadot’s DOT Gains as Much as 5% as Bitcoin Nears All-Time Highs

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Polkadot’s DOT (DOT) surged as much as 5% in the last 24-hours, climbing from $3.52 to $3.70 as bulls dominated the session, according to CoinDesk Research’s technical analysis model.

The model showed that a key breakout occurred at 19:00 on July 9, with DOT spiking to $3.63 on heavy volume of 4.21 million.

The rally in Polkadot came as the wider crypto market also rose, with the broader market gauge, the CoinDesk 20, recently up 3.5%.

Bitcoin, the world’s largest cryptocurrency, was approaching all-time highs at $112,000.

In recent trading, DOT was 3.5% higher over 24 hours, trading around $3.67.

Technical Analysis:

  • Robust volume-based support established around $3.54 during the 18:00-21:00 surge on 9 July.
  • Key resistance levels identified at $3.69-$3.70 where price encountered dual reversals during the session.
  • Conventional support formed at $3.49 during the 14:00 session decline on 9 July.
  • Critical support established around $3.68 levels during the 60-minute bearish pressure period.
  • Momentum indicators signal oversold conditions suggesting potential consolidation.
  • Elevated trading volumes exceeded 4.2 million during the principal rally phase.
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BIT Mining Surges 250% on Solana Pivot

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Cryptocurrency miner BIT Mining (BTCM) is shifting its focus to Solana with plans to raise up to $300 million to acquire SOL tokens.

BIT Mining said it wants to «capture emerging opportunities across the broader blockchain» industry and attract investors seeking exposure to Solana in an announcement on Thursday.

The company’s New York Stock Exchange-listed shares soared as high as $11.20 in pre-market trading, over 350% compared to Wendesday’s closing price of $2.46, following the announcement.

At press time, BTCM was trading nearly 250% higher at $8.38.

Akron-Ohio-based BIT Mining will convert its existing crypto holdings into SOL and plans to raise $200 million-$300 million to accumulate more.

The company holds 19 BTC ($2.1 million), according to Bitcoin Treasuries.

Bitcoin miners have been seeking means of diversifying their revenue streams since the last quadrennial halving event in April 2024, which saw the reward for adding new blocks to the Bitcoin network reduced by 50%.

BIT Mining said in December that its profits from mining litecoin (LTC) and dogecoin (DOGE) were triple that which it had acquired from BTC.

Fellow mining firm Bit Digital has shifted its entire treasury to ETH as part of a plan to focus solely on ether staking.

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