Asia Morning Briefing: BTC Holds Ground as Traders Sit on Stablecoins Before Fed Decision
Bitcoin consolidates near $112,100 as traders hold stablecoins awaiting the Federal Reserve's expected interest rate cut.Summary
Bitcoin traded around $112,100 in early Asia hours, showing consolidation rather than capitulation as traders await the Federal Reserve's rate decision, despite a cut being highly anticipated. Market makers noted a potential capital rotation from gold into digital stores of value like Bitcoin. OKX Singapore CEO Gracie Lin observed that trading desks are accumulating assets quietly, rotating into USD stablecoins and concentrating liquidity, creating a "dry powder economy." This deliberate positioning, coupled with improving sentiment from U.S.-China trade talks and expected rate cuts, suggests the market is preparing for a significant upward move. Key short-term support for BTC is identified at $110,000. In market movements, Ether fell more sharply than Bitcoin, and gold retreated to a three-week low.
(Source：CoinDesk)