Current development: Asian stocks at seven-month high despite US inflation concerns

Current development: Asian stocks at seven-month high despite US inflation concerns

Bitcoin rose more than 2.50% to around $73,000 on Wednesday. The rise comes as Asian stocks hit a seven-month high, despite slightly higher U.S. inflation rates that have led to bets against interest rate hikes in the middle of the year. Investor sentiment suggests that interest rates will not change until mid-year. Big tech companies like Oracle and Nvidia have pushed the S&P 500 to new highs, showing that the overall market is trading with a bullish bias. Finally, riskier assets like Bitcoin look promising, with a 68% chance of a rate cut in June.

Asian stocks hit seven-month high, ignoring US inflation concerns

Asia's stock markets have risen to levels not seen in seven months, following the steep upward movement on Wall Street. That increase defies slightly elevated U.S. inflation numbers as investors bet it won't affect potential interest rate cuts. The optimism stems in part from China's strengthening of the real estate sector, particularly through support from industry giant China Vanke. The MSCI Asia-Pacific index, excluding Japan, rose 0.2%, reaching its highest since the August close. The chance of a rate cut in June remains at 68%, even after US Treasury yields rose following the inflation report.

The recovery in the technology sector, led by Oracle and Nvidia, has pushed the S&P 500 higher and signals a growing bullish market outlook. This sentiment could potentially drive investments into riskier assets like Bitcoin. However, minor fluctuations in U.S. Treasury securities could temporarily redirect capital, even if only temporarily.

Analysis of Grayscale's market shares in Bitcoin ETFs

Grayscale's dominance in the Bitcoin ETF market has seen a significant decline as its market share fell below 50% for the first time. This is due to the entry of nine new ETFs since January. Grayscale's Bitcoin Trust now holds 48.9% of the $56.7 billion in assets accounted for by ten U.S. Bitcoin ETFs. This decline is largely due to more than $11 billion in outflows from GBTC, compounded by a court ruling allowing Genesis to sell $1.3 billion worth of GBTC shares.

In contrast, BlackRock's iShares Bitcoin ETF and Fidelity's Wise Origin Bitcoin Fund saw significant inflows, boosted by Bitcoin's recent rise to a record high of $72,900. Grayscale's decline in market share could impact future institutional investments and the market for Bitcoin.

OKX secures payment license in Singapore and strengthens presence in the crypto market

OKX, a major cryptocurrency exchange, has received preliminary approval for a payments license from the Singapore Financial Authority. This significant achievement enables OKX's Singapore-based subsidiary to facilitate cross-border money transfers and handle digital payment tokens in the country. This strengthens Singapore's position as a prominent crypto hub in Asia. OKX's President Hong Fang highlighted the critical importance of Singapore as a market and underscored the strategic importance of this approval given Bitcoin's extraordinary price rise and increased global interest in digital financial products.

This development not only solidifies Singapore's reputation as a crypto-friendly destination, but also demonstrates the growing institutional and retail confidence in Bitcoin and other cryptocurrencies. With OKX's expansion, the market's liquidity and trading volume is expected to increase, which will contribute to Bitcoin price growth and wider adoption in the financial industry.

Bitcoin price technical outlook

Leading cryptocurrency Bitcoin saw a notable rise on March 13, trading at around $73,000. Their upward move is supported by a solid foundation, with the pivot point at $70,013 and immediate resistance levels at $73,824 to $79,904. Support levels at $67,154, $64,861, and $62,192 act as a safety net against possible declines.

Bitcoin's rise reflects robust market optimism, with technical indicators pointing to bullish trends. The Relative Strength Index (RSI) at 71 combined with the 50-day Exponential Moving Average (EMA) at $68,547 signals strong buying interest. Furthermore, bullish candlestick patterns indicate positive momentum development. However, investors should be cautious if the price falls below $72,000 as it could signal a rethink.

Eco-Friendly Bitcoin: Revolutionizing Cryptocurrencies with Gamified Eco-Staking

Green Bitcoin is leading a revolutionary shift in the cryptocurrency world by combining the urgency of environmental protection with the innovative landscape of digital currency. It is a cryptocurrency with a token distribution plan that includes an initial offering portion, staking incentives, promotional activities, trading fluid, and community engagement rewards. This plan aims to promote the sustainability of the crypto system and support long-term growth.

Investors have the opportunity to invest in this green cryptocurrency and thereby support a sustainable financial ecosystem. However, it is noted that crypto is a high-risk asset and this article is for informational purposes only and does not constitute investment advice. There is a possibility that you will lose all your capital.

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Please note that this information is based on the press release and does not contain historical facts.