Asia Morning Briefing: Bitcoin and Ether Hold Steady Ahead of CPI and China-U.S. Developments
Markets in Asia are trading cautiously as the U.S. government shutdown delays most economic releases and China signals restraint on export controls. Attention is now focused on Friday’s CPI report, the only major U.S. economic indicator unaffected by the shutdown.
Bitcoin (BTC) is trading near $108,164, slightly higher than Monday but still down 2% for the week. Ether (ETH) remains around $3,815, reflecting what QCP Capital calls a “narrow-range equilibrium.” Analysts note that a softer 0.2% CPI reading could support Bitcoin’s upside, while volatility is expected to remain elevated until the report.
Trade outlook: Polymarket assigns a 77% probability that the U.S. and China will reach a tariff agreement by Nov. 10, while the odds of Trump’s 100% tariffs have dropped to 16%. QCP notes that Trump appears to favor a symbolic deal over confrontation, supported by his weekend remarks that the U.S. “wants to help China, not hurt it.”
Market snapshot:
- BTC: Consolidating above $108K; analysts see a dip below $100K as a potential buying opportunity.
- ETH: Around $3,800 with 33% higher volume, though a $650M Ethereum Foundation transfer triggered $700M in profit-taking, leaving analysts divided between a breakout to $5,000 or a slide to $2,850 if $3,470 support fails.
- Gold: Futures down 0.3% to $4,097.80/oz, after Tuesday’s 5.7% plunge, but strong central-bank demand and rate-cut expectations offer support.
- Nikkei 225: Japan’s index dropped 1.5% amid renewed U.S.-China trade tension concerns.
