Good morning, Asia. Here's what's happening: 1. Bitcoin recently trades flat after seesawing, but a strategist sees $25.2K in the near future. 2. Crypto markets need a good story to push higher, a crypto executive says. By TheSamReynolds, JPRubin23
Bitcoin has yet to find a new foundation that drives the price from its weeks-long range roughly between $25,000 and $30,000, Brent Xu, CEO and co-founder of Web3 bond-market platform Umee, said on CoinDesk TV’s “All About Bitcoin” program.Bitcoin’s price seesawing on Wednesday encapsulated its vulnerability to events in recent weeks. The largest cryptocurrency by market capitalization rose on a mildly favorable Consumer Price Index that showed inflation rising a less-than-expected 4.
“We saw a bunch of banks get destroyed, and there's this narrative building that bitcoin will be a new banking system,” he said. “Unfortunately, that narrative is still not fully substantiated.Bitcoin is oscillating during the existing market cycles, and we haven't reached that bullish momentum cycle yet.
Xu believes that the steady decline in inflation from a peak of 9.1% last June will allow the U.S. central bank to reconsider the steady diet of hawkish interest rate increases that Federal Reserve critics blame for the near banking meltdown and other economic ills. “There's a likelihood that we're going to see some potential cuts,” Xu said, adding that some analysts foresee interest rate cuts totaling 75 basis points in the months ahead.
Xu said that liquidity would be important for crypto markets to thrive. Market makers Jane Street and Jump Crypto recently abandoned crypto trading in the U.S. and other firms focused or with at least a deep interest in crypto have also been scaling back their activities or threatening to move them overseas.
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