Coindesk

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.Bitcoin is trading just below $110,000 after another failed bounce, down roughly 7% since peaking over $117,000 in the wake of Powell’s dovish Jackson Hole speech, according to CoinDesk market data. Ethereum, which briefly touched $4,900 before a sharp reversal, is holding above $4,300 but showing signs of exhaustion after weeks of outperformance.The bull run is fraying, market observers say, as thinning liquidity, ETF outflows, and fragile onchain activity collide with whales rotating into ETH and retail longs...

Hopes for a quick reversal from the weekend crypto plunge faltered on Monday with bitcoin (BTC) slipping all the way back below $110,000, just barely ahead of its then-euphoric price of $109,400 touched ahead of President Trump's Jan. 20 inauguration.The largest crypto's recovery attempt was quickly rejected at $113,000 during the U.S. session, and it fell precipitously to a seven-week low, CoinDesk price data shows. Recently, BTC traded at $109,700, down 2.7% over the past 24 hours and lower by about 7% since soaring above $117,000 in wake of Fed Chair Jay Powell's dovish Friday Jackson Hole speech.While major altcoins held up relatively well during the Sunday crash, they succumbed to the market weakness on Monday. Ethereum's ether (ETH) plummeted...

Native token of oracle network Chainlink (LINK) declined in tandem with the broader crypto market despite a fresh partnership with Japanese financial giant SBI Group.LINK declined to $24.4, down more than 6% over the past 24 hours, CoinDesk data shows. That's a sharp reversal from the Friday's year-to-date peak over $27.The downward trajectory accelerated through successive trading sessions with persistent lower peaks, whilst the concluding hour exhibited stagnation with negligible volume, suggesting potential consolidation, according to CoinDesk Research's technical analysis model.On the news side, SBI Group, one of Japan’s largest financial conglomerates, said on Monday it has teamed up with Chainlink to develop tokenized assets and stablecoin solutions in Japan, with future plans to expand into other Asia-Pacific markets.SBI will...

Aptos' APT fell 4% over the 24-hour trading period, fluctuating within a 10% range, according to CoinDesk Research's technical analysis model.The token made a session high of $4.80 and a low of $4.38, initially advancing to $4.80 before declining sharply to $4.43 by morning hours, then consolidating around $4.45 with modest recovery indicators in the final trading hour, the model showed.Significant volume-backed support materialized around the $4.38-$4.41 price zone, where institutional buying emerged, with the final hour demonstrating recovery momentum toward $4.45, suggesting potential market stabilization following the 9% decline from peak to trough, according to the model.The drop in APT came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, down 3.2%.In recent...

Nasdaq-listed firm Sharps Technology (STSS) rallied as much as 70% on Monday on raising $400 million to establish what it says could become the largest corporate digital asset treasury of Solana (SOL).The firm's fundraising drew backing from some of the most active investors in digital assets, including ParaFi, Pantera, FalconX, CoinFund and Arrington Capital. Under the deal, shares were sold at $6.50 per unit with attached warrants exercisable at $9.75. Closing is expected by August 28.The stock briefly topped $13 in the morning U.S. hours before paring gains, up 53% from $7.3 at Friday's close.The company plans to allocate the funds primarily toward acquiring SOL, the native token of the Solana blockchain. Alice Zhang, co-founder of Solana-backed project Jambo, also...