First mover Asia: Large Bitcoin holders content to hold long positions amid regulatory turmoil
As Asia markets opened Friday (HKT), Bitcoin was trading sideways, largely unmoved by news a few hours earlier that financial services giant Fidelity ...
- Bitcoin is trading sideways despite news of Fidelity Investments refiling an application for a spot bitcoin ETF and strong U.S. economic data.
- Other financial services giants like Blackstone, Invesco, and WisdomTree have also filed spot BTC ETF applications, boosting investor confidence and crypto prices.
- Ether, the second largest cryptocurrency, remains flat, while SOL, the token of the Solana smart contracts platform, has surged over 14%.
- Crypto traders on the Solana blockchain are leveraging SOL token derivatives for high yields through a re-leveraging process.
- The CoinDesk Market Index, a measure of crypto markets' performance, is up 1.2%.
- U.S. equity markets have largely ignored positive economic data, suggesting inflation concerns and potential support for the Federal Reserve's interest rate plans.
- Fed Chair Jerome Powell acknowledges uncertainty about inflationary measures but emphasizes the need to bring inflation back down to 2%.
- The success of the bitcoin ETF industry depends on innovation beyond traditional finance.
The sentiment of the article is mostly neutral, with a focus on the current state of Bitcoin and other cryptocurrencies, as well as the impact of economic data and institutional involvement.