Bitcoin BTC price slides to $26,300 as investors assess monetary policy issues

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Good morning. Here is what happens:

Price: BitBull Capital’s Joe DiPasquale says a pause in rising rates has helped the market, but rate cuts are needed to keep it from struggling going forward.

Insights: Indonesia updates its list of digital assets approved for trading in the country. Is his motivation to increase tax revenue?

Is a pause in rate hikes enough for a rally?

Bitcoin starts the trading week in Asia down 0.5% at $26,366, while Ether is down 0.2% at $1,724.

It’s been a fairly flat trading week for the two major digital assets, as over the past seven days, bitcoin is up 1.6% while ether is down 1.7%. The CoinDesk Market Index, a measure of the performance of crypto markets, was slightly in the red.

With the Fed leaving interest rates unchanged, the environment looks favorable for crypto assets to restart, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, said in a note to CoinDesk. However, the Fed added that rate cuts were not on the near-term horizon, which saw the market struggling.

Bitcoin and the majors have held up relatively well, says DiPasquale, saying this is a favorable medium to long-term accumulation opportunity.

For now, however, all eyes will be on Bitcoin, especially as its dominance has increased due to selling pressure from altcoins, he said. As long as the market leader holds the range between $20,000 and $22,000, the bulls shouldn’t be too worried.

Indonesian Approved List of Crypto Tokens Contains Lots of Garbage and Possible Titles

One of the stories that was missed over the past week was an updated list from the Indonesian Commodities Bureau (BAPPEBTI) that shows which digital assets are approved for trading in the country.

This is not the first time the regulator has done this. Last September, the regulator published its initial list, and now it is much more extensive.

But it’s interesting now because of the timing.

So many tokens on the list would be considered securities in the United States. Tokens named by the Securities and Exchange Commission (SEC) because securities, like Solana (SOL), Cardano (ADA) and Decentraland (MANA) are there. Tokens that would not pass the Hong Kong quality test on high liquidity and 12-month history are listed.

It achieves this sought-after tax by bringing a light touch to the quality of trade by allowing quantity. Many Hongkongers were burned during the collapse of FTX, which is why the regulator there has an eye on quality control. Indonesia is more determined to capture tax revenue as its middle class grows, which it struggles to do with its large informal economy.

The concerns are just different in Indonesia. There are also plenty of tokens on the list that wouldn’t cut it in Thailand, such as PEPE and Floki where the regulator has banned meme tokens. There is no demand for flight to quality with regulated crypto in this country.

But isn’t this an essential tenant of a market economy? Why is the government best placed to choose your crypto?

Binance’s French unit is under investigation for “illegal” provision of digital asset services and “aggravated money laundering”. BlackRock (BLK) iShares had filed documents with the United States Securities and Exchange Commission (SEC) for the creation of a bitcoin (BTC) spot ETF. Anthony Georgiades, general partner of Innovating Capital, commented on the market reaction. Additionally, Cboe Digital Chairman John Palmer joined to discuss getting CFTC approval to launch bitcoin and ether margin futures. Non-fungible token (NFT) Ringers #879 by generative artist Dmitri Cherniak was auctioned for a total price of $6.2 million. Michael Bouhanna, Head of Digital Art and NFTs at Sothebys, joined the conversation.

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