Altcoin Rally? China Stimulus, MicroStrategy's Bitcoin Moves
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APAC Morning Brief: Crypto Market Updates
Here's a concise overview of overnight crypto developments impacting global markets.
Key Developments
- Institutional Inflows Surge: Crypto inflows jumped sixfold to $3.75 billion, driven by BlackRock and Ethereum investments.
- XMR Volatility: Monero (XMR) rose 4% despite Kraken temporarily freezing deposits following claims from AI protocol Qubic.
- BlockDAG Accusations: Crypto investigator ZachXBT alleges BlockDAG fabricated its $375 million presale milestone.
Market Movers
Bitcoin & Ethereum
- Ethereum ETFs are outperforming Bitcoin products in July.
- VanEck forecasts Bitcoin reaching $180,000 by year-end 2025, citing strong institutional investment.
XRP
- Analysts remain optimistic about XRP's future despite a recent price drop of 4.84% to $2.97.
MicroStrategy
- MicroStrategy announced a $51.4 million Bitcoin purchase, while Michael Saylor considers stock sales to manage debt, sparking debate about strategy shifts.
Asian Market Watch
- Japan: Construction firm LibWork approved a $3.4 million Bitcoin purchase as a treasury hedge.
- China: Weakening economic data may lead to PBOC stimulus, potentially triggering altcoin rallies. Bitcoin's correlation with global liquidity suggests Chinese monetary policy could boost crypto markets.
- Japan: FSA expected to approve JPYC as the first yen-denominated stablecoin, backed by Circle investment.
Global Regulatory Landscape
- The US Treasury is seeking public input on stablecoin regulations under the GENIUS Act, with compliance grace periods for issuers.
- Henan Province (China) has declined to create local crypto seizure disposal rules, awaiting national regulations, reflecting ongoing regulatory uncertainty.
Stocks on the Pacific Horizon
US futures are showing mild weakness. Regional markets opened with modest gains.