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Good morning. Here’s what’s happening:
Prices: Bitcoin and ether are commencing the Asian trading session with little change, appearing to be undisturbed by the latest Consumer Price Index (CPI) figures.
Insights: Coinbase has drawn a parallel between cryptocurrencies and the Beanie Babies craze, raising doubts about their enduring relevance in the financial landscape. Concurrently, experts forecast that the tokenization of tangible assets could burgeon into a staggering $5 trillion sector. However, these analysts caution that substantial advancements in finance through tokenization might not materialize unless targeted modifications are implemented.
Prices
|
$29,451
−111.3 ▼ 0.4%
|
$1,851
−2.3 ▼ 0.1%
|
1,228
−5.0 ▼ 0.4%
|
|
S&P 500
4,468.83
+1.1 ▲ 0.0%
|
Gold
$1,946
+30.4 ▲ 1.6%
|
Nikkei 225
32,473.65
+269.3 ▲ 0.8%
|
BTC/ETH prices per CoinCryptoUs, as of 7 a.m. ET (11 a.m. UTC)
Bitcoin and ether are commencing the Asian trading day with little change, as the top two cryptocurrencies by market capitalization persist in shrugging off broader market influences.
Bitcoin (BTC) has initiated the Asian trading day with a minor decline of 0.4%, resting at $29,451, whereas ether (ETH) has experienced a marginal dip of 0.1%, reaching $1,851.
The CoinDesk Market Index (CMI) is down 0.39%.
Cryptocurrency remains unswayed by the most recent Consumer Price Index (CPI) data, which revealed a moderate level of CPI expansion aligning with economists' forecasts.
In the month of July, there was a 0.2% uptick in the Consumer Price Index (CPI), with Core CPI showing a similar increase of 0.2% when food and energy were excluded from the calculation. On a year-over-year basis, the CPI witnessed a notable rise of 3.2%, while Core CPI, which excludes food and energy components, surged by 4.7%. These figures have contributed to diminishing the likelihood of a Federal Reserve interest rate hike scheduled for September, aligning with the continuous strategy aimed at managing inflation.
In addition to broader economic influences, analysts persist in their curiosity regarding the reasons behind bitcoin's resistance to surpassing the $30,000 mark.
According to a recent report by CoinCryptoUs, analysts and key figures within cryptocurrency trading companies are consistently highlighting various factors that are contributing to a constrained trading range and subdued volatility in the market. These factors include the lingering uncertainty surrounding the approval of a spot bitcoin ETF by the SEC, miners capitalizing on profits in anticipation of the Bitcoin halving event, a lack of significant engagement from new retail investors, and robust resistance observed in derivatives trading.
While numerous thrill-seeking crypto traders might long for volatility, these days, Bitcoin is undeniably presenting itself as a promising store of value.
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Shiba Inu | SHIB | +2.3% | Currency |
| Solana | SOL | +1.7% | Smart Contract Platform |
| Dogecoin | DOGE | +0.8% | Currency |
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Gala | GALA | −2.1% | Entertainment |
| Cardano | ADA | −1.3% | Smart Contract Platform |
| Polkadot | DOT | −0.9% | Smart Contract Platform |
Insights
Is Coinbase Losing Faith in the Crypto Market? Has the viewpoint of the exchange changed regarding the potential of Bitcoin and Ethereum as the future of finance, considering its recent comparison of cryptocurrencies to Beanie Babies?
