First Mover Asia: Bitcoin is CPI Resistant

First Mover Asia: Bitcoin is CPI Resistant

You are currently viewing First Mover Asia: Bitcoin is CPI Resistant

Good morning. Here’s what’s happening:

Prices: Bitcoin and ether are opening flat in Asia trading, seemingly unaffected by recent Consumer Price Index (CPI) numbers.

Insights: Coinbase recently likened cryptocurrencies to Beanie Babies, questioning their future in finance. Meanwhile, analysts project that real-world asset tokenization could become a $5 trillion industry, but warn that without specific changes, tokenization won’t significantly evolve finance.

Bitcoin and ether are opening the Asia trading day flat, as the two largest cryptocurrencies continue to shake off macro waves.

In July, the Consumer Price Index (CPI) rose 0.2%, and Core CPI, excluding food and energy, increased 0.2%. The year-over-year CPI rose 3.2%, and Core CPI rose 4.7%, leading to a reduced likelihood of a Federal Reserve interest rate hike in September, as part of an ongoing policy to combat inflation.

Aside from macroeconomic factors, analysts continue to wonder why bitcoin won’t budge above $30,000.

As CoinDesk recently reported, analysts and stakeholders at crypto trading firms continue to point to the uncertainty over SEC approval of a spot bitcoin ETF, miners taking profits ahead of the Bitcoin halving, a dearth of new retail market participation, and strong resistance in derivatives trading, all contributing to a tight trading range and suppressed volatility.

Even though many adrenaline-addicted crypto traders might be missing volatility, bitcoin is surely looking like a good store of value these days.

Willkie Farr & Gallagher LLP Counsel Michael Selig discusses the SEC saying it will file an “interlocutory appeal” of a judge’s ruling on Ripple’s programmatic sales of XRP.

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