Asia Morning Briefing: Nvidia’s Rally to $4 Trillion Might Have Helped BTC, But Correlation Is Waning
2025-07-10 02:43:00
Main Idea
Nvidia's historic $4 trillion market cap rally may have influenced Bitcoin's price breakout, while Australia advances its CBDC initiative and global markets show mixed reactions.
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.
Description
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Nvidia's ascent to a historic $4 trillion market cap , the first-ever company to achieve this milestone, might be exactly the catalyst bitcoin (BTC) needed to break out of its tightly coiled trading range and surge toward new al...
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