Good morning, Asia. This is the reason for the news in the market:
Welcome to Asia Morning Post, a summary of daily summary during US time, and an overview of market movement and analysis. For a detailed overview of the U.S. market, see Coindesk’s Crypto Daybook Americas.
Bitcoin as Asia begins Wednesday’s trading day
Continue to trade scope without any major marketing headlines.
The world’s largest digital asset is trading above $108,900, According to Coindesk market dataand Coindesk 20 The index is a measure of the performance of the largest digital assets, above 3,100, an increase of 1.7%.
Observers say that it is currently the market belief that Bitcoin separates Bitcoin’s drift from the $110k of the rally.
In recent reports Glass section highlighted BTC’s blob volume continues to hover below its usual statistical frequency band, with ETF streams shrinking sharply from their recent highs, and institutional investors seem hesitant despite the value of ETF markets increasing unrealized growth. (MVRV) ratio
In an update earlier this week Wintermute describes this cautious environment As a “barbell market”, it points to a sharp divide between the new enthusiasm of high beta assets such as Memecoins and the stability of established large tokens.
Last year’s narrative, dear fathers, especially AI and Depin tokens, lost investor attention, indicating that traders are spinning adults, last week, many majors like Doge, Shib and Pepe, or held over 8% in BTC and ETH, which is seen as a battle-test and safe.
As global stocks shrugged to a large extent, BTC’s hesitation emphasizes traders’ enduring caution, which shows that the market is waiting for a clearer signal before it is decisively higher. Things may remain scoped until changes occur.
News review: $100 million fund supporters, not bettors, on Bitcoin
Bitcoin-only venture capital firm Ego Death Capital has closed its $100 million second fund to support projects that view Bitcoin as infrastructure rather than speculative trade, Coindesk previously reported.
The fund will use Bitcoin’s underlying layer or its expansion solutions for Series A financing between $3 million and $8 million.
“We are investing in businesses that see Bitcoin as a trade, but investing it as an infrastructure, not on the basis, not on the bet,” said General Partner Lyn Alden. Ego’s existing portfolio includes Relai, a self-customer app, and stock exchange Roxom built directly on the Bitcoin rail.
At the time when multi-key VC chases output on each new L2 and L3, self-papers are a bet on simplicity and durability: Bitcoin’s advantage remains over 60%, and the fund aims to leverage its lasting power to leverage. Message to allocators: Ignore the hype and return to the last track.
News review: Attorney sanctions speech by judges in tornado cash trials, limiting freedom of speech defense
A federal judge ruled that U.S. government sanctions on tornado cash, which was imposed in 2022, was later overturned and cannot be discussed in the upcoming criminal trial of developer Rome Storm Coindesk previously reported.
Judge Katherine Polk Failla said allowing juries to hear about existing sanctions would require “psychological gymnastics” and risk confusing core legal issues at the trial. These sanctions were initially implemented by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) It was knocked down earlier this year in another case due to alleged use of the North Korean Lazarus Group to use a mixer Van Loon v. Treasury.
Storm faces multiple criminal charges related to his role in establishing Tornado Cash, a privacy tool that allows users to mask the origins of crypto transactions. Prosecutors claim he made substantial profits from the project, citing multi-million dollar token sale and real estate purchases.
Judge Farara also ruled that despite objections from Storm’s legal team, they believed the material was selected for cherries, but could not be verified independently.
While Storm is free to talk about his belief in privacy and civil liberties, the judge said he would not allow his own actions to be framed in the First Amendment.
The court distinguishes between personal beliefs and legal defense. The last pre-trial hearing, scheduled for Friday, was scheduled to begin on June 14 and is expected to last four weeks. The outcome of the case may set an important precedent for how U.S. courts deal with developers’ use of open source privacy tools.
Market changes:
BTC: Bitcoin maintains institutional-level resilience during the trading cycle from July 7 to 8, maintaining altitude at the critical $108,000 level while driving heavy drag $109,200 and finding strategic support in the range of $107,470, despite delayed delayed profits, the signal continues to be confident, persistent, persistent, persistent confidence.
ETH: Ethereum rose 3% to $2,610 at the July 7-8 meeting
Gold: Gold fell 1.2% to below $3,300 on Tuesday due to optimism about delayed mutual tariffs and hopes for new trade deals weakened shelter while the market awaits minutes of FOMC meetings for further rate guidance.
Nikkei 225: Asian markets traded on Wednesday, Japan’s Nikkei 225 fell by 8.39 points (0.021%) After the U.S. president ruled to delay August 1 tariffs, imposing a 50% tariff on copper imports, he warned of potential 200% drug tariffs with an 18-month grace period.
S&P 500: The S&P 500 index barely changed on Tuesday after President Donald Trump confirmed there was no exemption for the August 1 tariff rollout.
Elsewhere in cryptocurrency
- Eigen Labs has 25% of its employees and focuses on Eigencloud (Blockworks)
- Sharplink gaming jumped 26% with Ether Toererury Tops 200k Eth (Coindesk)
- Japan’s 30-year yield is flashing warning signs of risky assets: macro market (Coindesk)
