Good morning, Asia. Here's what's happening: 1. $BTC regains $27K, but investors seem unimpressed by upbeat jobs, price data; They await a price catalyst. 2. An industry CEO says that liquidity and congestion present challenges for crypto. By JPRubin23
For a second straight day, bitcoin dropped to late March levels under $27,000 but remained safely within its weeks-long range as investors shrugged off upbeat employment and price data and the latest banking crisis to continue their wait for a true price catalyst.
"Price reaction to macro data hasn't been as significant in the last few weeks," Katie Talati, head of research at blockchain asset management firm Arca, told CoinDesk TV."I think mostly, same as equities, everyone feels like a lot of the macro moves are baked in. A lot of what we've seen in the last even 24 hours, though, is much more attributable to things specific to the digital asset space.
Pepecoin-inspired meme mania was waning less than a week after reaching a stunning $1.8 billion market cap. Data by crypto intelligence firmshowed that by late morning Thursday , “smart money” wallets – crypto accounts of individual traders or institutions who are known for their profitable moves – had decreased their PEPE stash by $3 million in the past 24 hours.
But she added:"These tokens tend to pop up and gain a lot of notoriety when there isn't as much stuff happening in this space. They are usually the most accessible ones. A lot of newer entrants into crypto like to trade them.", a measure of the crypto market's performance, was down 2.4%.
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