Asia Morning Briefing: Nvidia’s Rally to $4 Trillion Might Have Helped BTC, But Correlation Is Waning

Key Points

1. Nvidia reached a $4 trillion market cap, potentially triggering Bitcoin's breakout from weeks of price inertia, though their correlation has weakened from 0.80 in early 2024 to 0.36.

2. Bitcoin traded near $110,900, with Glassnode analysts noting recent quiet market activity and declining on-chain metrics.

3. Australia's Project Acacia CBDC initiative entered its next phase, with 24 industry participants and regulatory relief from ASIC to foster digital finance innovation.

4. Global markets were mixed: ETH rose 2.8%, gold prices fell due to Fed rate cut bets and a strong dollar, and the Nikkei 225 dropped 0.45% amid geopolitical and economic uncertainties.

5. The S&P 500 futures were flat after recovering from tariff-driven declines, while U.S. digital asset tax policy and crypto industry developments garnered attention.