Latest news with #profit-taking
Yahoo
5 days ago
- Business
- Yahoo
Asia Morning Briefing: Bitcoin Eyes $130K as Euphoria Builds, But ETH and SOL Steal the Show
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 is holding above $118,800 as the market digests its push rally to $122, which broke previous all-time highs. While on-chain data indicates that the first wave of heavy profit-taking has begun, especially among short-term holders holding oversized unrealized gains, analysts in a recent Glassnode report write that history may still suggest room for a push higher but warn overheating signals are beginning to flash, urging caution in the near term. 'Short-term holders are now sitting on significant unrealized profits,' the report states, pushing indicators 'towards overheated territory.' The Short-Term Holder Relative Unrealized Profit metric hit 15.4%, breaching the +1 standard deviation threshold, before cooling slightly. Historically, this level 'often marks the beginning of top formation.' Glassnode also highlights the Realized Profit to Loss Ratio, which spiked to 39.8, 'well above the +2 standard deviation threshold,' signaling intense profit-taking. Though it has since declined to 7.3, the elevated reading remains consistent with late-stage bull market behavior. 'So far, both the Percent of Spent Volume in Profit and the Realized Profit to Loss Ratio have signaled the first wave of excessive profit-taking,' the report concludes. While this doesn't mark a definitive top, 'such top formations tend to unfold across multiple waves,' with the next resistance projected around $130K. Meanwhile, traders are rotating into altcoins. ETH surged 7.5% in the past 24 hours, with analysts pointing to the GENIUS Act advancing as a reason, outpacing BTC and breaking out of a recent consolidation. SOL is up 5%, buoyed by fresh on-chain data showing Galaxy Digital accumulated $55 million in SOL within a two-hour window, withdrawing the tokens from multiple centralized exchanges. The rotation into ETH and SOL comes as BTC's near-term upside appears increasingly constrained by profit-taking pressure, even as the broader structure remains intact. Coinbase Wallet Becomes 'The Base App' Coinbase has officially rebranded its Wallet product as the 'Base App,' confirming speculation that's been swirling since the company scrubbed its X profile earlier this week. The move positions the app as a central gateway into the Base ecosystem, now pitched as a full-stack, onchain platform made for the mainstream. The rebrand was announced during Coinbase's 'A New Day One' event, which unveiled a broader vision for Base built around three pillars: the existing Layer-2 network Base Chain, a developer toolkit suite dubbed Base Build, and the newly launched Base App. Unlike its predecessor, the Base App isn't just for storing crypto—it integrates chat, payments, trading, and a mini-app marketplace that supports social and financial experiences. This isn't Coinbase's first wallet makeover (OGs will remember 'Toshi'), but it's arguably the most ambitious. With Base increasingly distancing itself from the Coinbase brand, the new app appears designed to emphasize Base's identity as a more decentralized, open ecosystem, anchored in the values of crypto, but packaged for the everyday user. Market Movements BTC: Bitcoin hovered near $118,000 in Asia as traders priced in a potential September Fed rate cut following soft U.S. CPI data, while K33 Research suggested the asset's traditional four-year cycle may be breaking down as it matures. ETH: Ethereum is trading above $3,400 after rising over 7% on strong spot ETF inflows and steady demand from crypto treasury firms, pushing it into the green for 2025 and marking its highest level since January. Gold: Gold rebounded to trade above $3,350 as weaker-than-expected U.S. producer inflation data and renewed speculation over Fed Chair Powell's removal weighed on the dollar and revived hopes for a more dovish monetary policy stance. Nikkei 225: Japan's Nikkei 225 fell 0.6% after Trump reiterated plans for a 25% tariff on Japanese imports and cast doubt on a broader trade deal. S&P 500: U.S. stocks rebounded Wednesday, with the S&P 500 up 0.3%, after President Trump said he's 'not planning' to fire Fed Chair Jerome Powell, easing market jitters from earlier reports suggesting otherwise. Elsewhere in Crypto: US Marshals Service holds just 28,988 BTC, far less than expected, FOIA request reveals (The Block) Hack 'Victims' Say Tornado Cash Offered No Help in the Wake of Exploits: Day 2 of Roman Storm Trial (CoinDesk) California Forms Tech Task Force With Ripple, Coinbase Participation (Decrypt)
Malay Mail
7 days ago
- Business
- Malay Mail
Malaysia's stock market slips as investors eye tariffs and slower rate cuts
KUALA LUMPUR, July 16 — Bursa Malaysia closed lower on Wednesday on continuous profit-taking in selected heavyweights led by the financial services and utilities sectors. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.90 points or 0.91 per cent to 1,511.50 from Tuesday's close of 1,525.40 The benchmark index opened 1.63 points lower at 1,523.77 and moved between 1,510.14 and 1,526.29 throughout the session. The market breadth was negative, with 727 decliners outpacing 335 gainers and 432 counters unchanged, while 951 were untraded and eight suspended. Turnover improved to 3.18 billion shares worth RM2.44 billion, compared with 3.07 billion shares worth RM2.36 billion on Tuesday UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said telecommunications counters led gains among FBM KLCI constituents, while consumer discretionary names bore the brunt of the sell-off. However, across the broader market, all indices closed in negative territory, reflecting the cautious mood despite recent domestic interest rate cuts, he added. 'Adding to the subdued tone, Indonesia's successful negotiation of a 19 per cent tariff rate with the United States (US) further dampened sentiment as Malaysia awaits clarity on its tariff status, currently set at 25 per cent. 'This development highlights Malaysia's diminishing competitive edge in regional trade, particularly against Vietnam and Indonesia,' he told Bernama. Mohd Sedek also said market jitters intensified over US President Donald Trump's proposed tariffs on the European Union (EU) and Mexico, stoking concerns that such measures could rekindle inflationary pressures following the stronger consumer price index (CPI) readings. 'US headline CPI accelerated to 2.7 per cent year-on-year in June, up from 2.4 per cent in May, prompting investors to reassess expectations for Federal Reserve rate cuts. 'A steady flow of negative tariff headlines, coupled with waning hopes for near-term monetary easing in the US, continued to weigh on risk sentiment,' he added. Among the heavyweight counters, Maybank fell 12 sen to RM9.53, Public Bank slipped three sen to RM4.23, Tenaga Nasional shed 22 sen to RM13.68, CIMB lost 13 sen to RM6.50 and IHH Healthcare dropped six sen to RM6.52. In active trade, NexG gained one sen to 48.5 sen, Zetrix AI added two sen to 95 sen, TWL inched up half-a-sen to three sen, while Green Ocean Corporation went down 1.5 sen to 11 sen and Tanco was one sen lower to 89.5 sen. On the index board, the FBM Emas Index declined 105.05 points to 11,371.03, the FBMT 100 Index sank 104.96 points to 11,132.65, and the FBM Emas Shariah Index fell 79.23 points to 11,403.95. The FBM 70 Index dropped 167.01 points to 16,521.39, while the FBM ACE Index went down 5.54 points to 4,582.08. By sector, the Financial Services Index dipped 258.89 points to 17,243.76, the Industrial Products and Services Index shaved 0.76 of a point to 152.63, and the Plantation Index eased 11.63 points to 7,406.79. The Energy Index inched down 3.25 points to 735.67. The Main Market volume retreated to 1.38 billion units worth RM2.11 billion from 1.44 billion units valued at RM2.07 billion on Tuesday. Warrant turnover rose to 1.49 billion units valued at RM213.66 million from 1.28 billion units worth RM172.45 million previously. The ACE Market volume decreased to 304.96 million units valued at RM112.71 million, versus 347.59 million units worth RM122.67 million yesterday. Consumer products and services counters accounted for 206.34 million shares traded on the Main Market; industrial products and services (201.02 million), construction (73.57 million), technology (293.92 million), SPAC (nil), financial services (88.88 million), property (206.53 million), plantation (12.92 million), REITs (21.71 million), closed-end fund (12,600), energy (78.45 million), healthcare (112.27 million), telecommunications and media (33.65 million), transportation and logistics (18.68 million), utilities (30.12 million), and business trusts (51,100). — Bernama
Yahoo
15-07-2025
- Business
- Yahoo
BNB Slips Nearly 2% as Traders Cash Out After Run Higher
BNB fell nearly 2% over the past 24 hours as crypto traders rushed to lock in profits, with the token dropping to now trade around the $680 mark after briefly touching $700. The slide mirrors broader market jitters after bitcoin (BTC) surged to a record above $120,000, prompting a wave of profit-taking that brought the cryptocurrency back down to $116,000 at the time of writing. The profit-taking trend also comes at a time in which inflation grew to 2.7% in June, as measured by the Consumer Price Index. It's up from a 2.4% annual increase in May, according to the Bureau of Labor Statistics For hours, BNB oscillated within a narrow $23 corridor, bouncing between $698.72 and $675.47, according to CoinDesk Research's technical analysis model. Buyers showed up near $675, helping stem the slide with a burst of volume exceeding 134,000 tokens traded as prices hit session lows. BNB has since clawed back some ground. Technical signals remain mixed. A downtrend persists, capped by resistance at $690 to $695, a zone where earlier support has flipped into selling pressure. Yet surges in trading activity hint at possible accumulation, as seen in a brief spike of over 1,600 tokens traded in a four-minute window. Various companies have indeed moved to adopt a BNB treasury reserve. The volatility comes as BNB celebrates its eighth anniversary, a milestone that underscores its journey. It's also recently undergone a $1 billion token burn. BNB is also benefitting from BNB Chain joining the Ondo Global Markets Alliance to bring tokenized securities, which include U.S. stocks, ETFs, and funds, to its network. Whether BNB can break above resistance, or sink lower if profit-taking continues, could shape sentiment for the broader crypto market in coming days. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
