Cryptocurrencies Bitcoin (BTC) and Ether (ETH) are opening the Asia trading day flat, seemingly unaffected by the latest Consumer Price Index (CPI) numbers. Bitcoin is beginning the Asia business day down 0.4% to $29,451, while Ether is down 0.1% to $1,851. The CoinDesk Market Index (CMI) is down 0.39%.
The Consumer Price Index (CPI) rose 0.2%, and Core CPI, excluding food and energy, increased 0.2%, said journalists. The year-over-year CPI rose 3.2%, and Core CPI rose 4.7%, leading to a reduced likelihood of a Federal Reserve interest rate hike in September, as part of an ongoing policy to combat inflation.
Analysts continue to wonder why Bitcoin won’t budge above $30,000. Coinbase recently likened cryptocurrencies to Beanie Babies, questioning their future in finance. Meanwhile, analysts project that real-world asset tokenization could become a $5 trillion industry, but warn that without specific changes, tokenization won’t significantly evolve finance.
In the most recent episode of First Mover on CoinDesk TV, SEC Gears Up to Appeal XRP Ruling in Case Against Ripple; Coinbase Launches Its Own Blockchain. Congresswoman Maxine Waters also expressed her concern about PayPal’s new stablecoin. Digital Currency Group has filed to dismiss crypto exchange Gemini’s fraud claims.