Good morning Here’s what happens:
Prices: Bitcoin and Ether open unchanged in Asian trading and appear unaffected by the latest Consumer Price Index (CPI) figure.
Insights: Coinbase recently compared cryptocurrencies to Beanie Babies and questioned their future in finance. Meanwhile, analysts predict that real-world asset tokenization could grow into a $5 trillion industry, but warn that without specific changes, tokenization will not significantly advance the financial world.
Bitcoin and Ether open Asian trading day flat as the two largest cryptocurrencies continue to shake off macro waves.
In July, the consumer price index (CPI) increased by 0.2% and the core CPI excluding food and energy increased by 0.2%. CPI rose 3.2% year-on-year and core CPI rose 4.7%, leading to a reduced likelihood of a Federal Reserve rate hike in September amid ongoing policy to fight inflation.
Macro factors aside, analysts continue to wonder why bitcoin won’t surge above $30,000.
As CoinDesk recently reported, analysts and crypto trading firm stakeholders continue to point to uncertainty over SEC approval of a spot bitcoin ETF, profit-taking by miners ahead of the bitcoin halving, a lack of new retail market participation, and strong resistance at the Derivatives Trading This all contributes to a tight trading range and suppressed volatility.
While many adrenaline-pumping crypto traders lack volatility, Bitcoin certainly seems like a good store of value these days.
Willkie Farr & Gallagher LLP Counsel Michael Selig discusses the SEC’s statement that it will be filing an “interim appeal” against a judge’s decision on Ripple’s programmatic XRP sales.
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