Good morning Asia. Here's what's happening: 1. $BTC rises past $27K. An analyst calls the macro environment 'conducive for crypto assets to thrive.' 2. An 11% SSR drop suggests buying power for stablecoins may be rising. By JPRubin23, GWilliamsJr_CMT
After seven days of plunging prices, bitcoin steadied.
"Financial markets in general driven by risk, by liquidity, and so, not surprising right now, when people are fearing risk assets as a whole, we're seeing large swaths of selling," Ryan Rasmussen, an analyst for crypto fund manager Bitwise, told CoinDesk TV's"First Mover" program on Friday. Ether, the second largest crypto in market value, was changing hands near $1,800, down a few fractions of a percentage point and about the same level as early Saturday. Other major cryptos moved into green territory as the Asia trading week began with Litecoin recently up more than 5.7%. TheLeading Asia indexes were mixed with the Nikkei up about 0.5% but the Hang Seng down 0.2%.
In an email to CoinDesk, Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, noted that the current"macroeconomic situation around the world is creating a conducive environment for crypto assets to thrive."
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