Exciting Market News in Asia Today
Welcome to the daily Asia Morning Briefing, where we bring you the latest news and market updates from the Asia region. Here’s a roundup of the top stories:
Bitcoin (BTC) is making waves in the market, trading at $119,430 in early Asia hours on Monday with a 1.24% increase. The bullish momentum continues following key institutional milestones and a breakthrough trade deal between the U.S. and the European Union. The CoinDesk 20 (CD20) Index also saw a 2.37% rise to 4,099.18, signaling a strong recovery.
Over the weekend, President Donald Trump and European Commission President Ursula von der Leyen announced a trade agreement that sets a 15% U.S. import tariff on E.U. goods, avoiding a higher rate. This deal includes significant E.U. investment in U.S. energy and defense, aiming to reduce Europe’s reliance on Russian fuel. Bitcoin’s realized market capitalization surpassed $1 trillion for the first time, indicating the cryptocurrency’s growing strength.
Despite consolidating above $118,000 after hitting a record high of $122,700 last week, BTC continues to attract new buyers and fresh capital. The recent rally triggered significant long-term holder selling, while BTC dominance slightly decreased to 60.98%, suggesting a shift towards altcoins.
Galaxy Digital executed a $9 billion BTC transaction for a Satoshi-era investor, marking one of the largest single bitcoin transfers in history. The lack of significant price movement post-transaction highlights the illiquidity of BTC due to long-term HODLing. Polymarket bettors now give BTC a 24% chance of hitting $125,000 by the end of July, reflecting growing optimism among traders.
Market Movements Today
BTC: Bitcoin is trading above $119K as the U.S. and E.U. sign a trade agreement, while traders show a majority short position according to CoinGlass data.
ETH: Ether is trading at $3,867.76, up 3%, supported by strong on-chain fundamentals such as staking activity, low exchange balances, and increasing buyer inflows.
Gold: Gold is down despite a year-to-date gain, trading around $3,335 as progress on trade deals reduces safe-haven demand ahead of the FOMC meeting.
Nikkei 225: Asia-Pacific markets are mixed as investors await details of U.S.-China trade talks.
Latest in Crypto
- Michael Saylor plans to introduce a Bitcoin-backed money-market-style vehicle to Wall Street in collaboration with NYDIG.
- A drug company announces plans to buy up to $700 million in BNB after the coin hits an all-time high.
- A fake Bitcoin ATM scheme has wasted 4,000 hours of scammers’ time.
Stay tuned for more updates on market trends and exciting developments in the crypto world. Remember to stay informed and make wise investment decisions!