Coindesk

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.Bitcoin (BTC) has breached key support levels in a sign of increasing bearish momentum that suggests a risk of a slide to $100,000.The leading cryptocurrency by market value fell 6.5% in August, ending the four-month winning streak as the U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, according to data source SoSoValue.The recent price drop saw bitcoin break below several key support levels, including the Ichimoku cloud, and the 50-day and 100-day simple moving averages (SMAs). It also pierced crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364, according to the daily chart sourced from TradingView.These breakdowns underscore growing...

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.August delivered a rare reversal in the ETF tide: Bitcoin spot funds shed $751 million in net outflows just weeks after powering the asset to a $124,000 all-time high, while Ethereum ETFs quietly absorbed $3.9 billion, according to market data.The divergence is striking because it marks the first time since both products launched that BTC ETFs have lost ground, while Ethereum ETFs have posted strong inflows in the same month, suggesting that institutional investors may be rebalancing their...

Bitcoin’s latest rally is spilling over into the luxury holiday market.The Financial Times (FT) reported earlier today that private jet firms, cruise lines and boutique hotels are increasingly accepting crypto payments. Flexjet-owned FXAIR, for instance, now takes tokens for transatlantic trips costing about $80,000, while cruise operator Virgin Voyages sells annual passes worth $120,000. SeaDream Yacht Club and boutique hotel groups including The Kessler Collection have also added crypto checkout options, according to the FT. High-end travel is a natural niche for crypto spending. On six-figure invoices, fees and volatility matter less, and merchants can instantly convert payments into fiat. For customers, paying in bitcoin carries status value, echoing earlier bull-market splurges on Lamborghinis and watches. This time, the indulgence...

One of the biggest stories emerging from the Far East this month is the imminent launch of a blockchain-based version of the Japanese yen, one of the world’s major fiat currencies.The timing for this development couldn’t be better, as the Bank of Japan (BOJ) is widely expected to raise interest rates soon, a move likely to increase the appeal of both the yen and yen-backed assets.Earlier this month, CoinDesk reported that Japan’s Financial Services Agency (FSA) is likely to approve the country’s first yen-denominated stablecoin as early as this fall. According to the report, Tokyo-based fintech firm JPYC plans to register as a money transfer business within the month and will spearhead the rollout of a JPY-pegged stablecoin, which will...

Bitcoin is holding steady around $108,716, according to CoinDesk Data, but behind the flat price action are signs of a potential breakout as both retail and institutions ramp up accumulation.On Aug. 29, André Dragosch, European head of research at Bitwise, noted that corporate adoption of bitcoin has accelerated at a historic pace. He said that July and August alone saw the creation of 28 new bitcoin treasury companies and an increase of more than 140,000 BTC in aggregate corporate holdings. That figure is nearly equivalent to the total amount of new bitcoin mined in a year (which is around 164,000 BTC), underscoring how demand from treasuries is soaking up supply faster than it is produced. The accompanying Bitwise chart showed...