Good morning Asia, here's what's happening in markets: 1. An analyst links BTC's 2-day swoon to US regulatory woes. BTC tips below $28K. 2. European legislators are building a crypto framework, while US counterparts flounder. By JPRubin23, DanielGKuhn
U.S. crypto regulatory woes have been weighing heavily on bitcoin.
"The Kabuki theatre that unfolded in Washington this week suggests Asia and other jurisdictions will continue to gain market share from the U.S., Connors wrote to CoinDesk, adding:"Coinbase’s decision to get licensed in Bermuda to launch an exchange as early as next week shows that U.S. digital asset companies are now voting with their feet. So this week we had both price and regulatory volatility, with only one clear loser, the U.S. economy.
Connors noted that"market liquidity remains heavily tilted to Asia, so he was"not surprised to see bitcoin's downswing start as markets in that part of the world closed."Remember, last May and June dislocations occurred in a similar window," he wrote. Despite encouraging first quarter earnings from a number of major banks, investors remain warily watchful, given the decline of a number of important economic indicators that may foreshadow recession. Recent jobs data has indicated a fall-off in the torrid employment market, and on Thursday, the National Association of Realtors monthly report showed home prices registering their biggest decline since 2012 and mortgage rates rising.
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