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 RialCenter’s Crypto Daybook Americas.
As Asia begins the Thursday trading day, Bitcoin is changing hands above $107K, and the CoinDesk 20, a measure of the largest digital assets, is trading just shy of 3000, up 0.7%.
Looking back at the week that was, analysts and market observers are reflecting on what began as a selloff due to Middle East tensions, with Israel and Iran trading rocket fire, and a U.S. bombing campaign on Iran’s nuclear facilities, that turned into a textbook risk-on rally, boosting crypto, tech stocks, and broader market sentiment alike.
“War drums fade, risk appetite roars,” wrote QCP Capital in its June 25 market note, capturing the sudden mood swing after days of escalating headlines. “Traders appeared to have priced in a resolution or simply stopped waiting for one. Instead of flight-to-safety, the move was risk-on in full force.”
That shift was visible across asset classes. U.S. equities surged, oil prices retraced to pre-conflict levels, and Coinbase stock jumped 12% on regulatory news.
For Bitcoin, the rebound above $107K signifies not only relief but renewed momentum, even as investors remain vigilant regarding the macro calendar and global flashpoints.
“It’s been a week of sharp swings in crypto,” said Gracie Lin, CEO of OKX Singapore. “Bitcoin dipped below $100,000 earlier in the week due to Middle East tensions, but quickly rebounded after news of a ceasefire – now trading just under its all-time high in a sharp reversal.”
Lin indicates that upcoming U.S. economic data, including GDP and unemployment claims, could serve as the next catalyst for Bitcoin’s movement.
“Recent PMI numbers have held steady, but continued weakness in housing is raising questions about the broader economy,” she said. “If Thursday’s GDP or unemployment claims come in weaker than expected, Bitcoin could benefit as investors look for hedges against traditional market weakness.”
Furthermore, the quarterly expiration of Bitcoin futures and options on June 27 could instigate renewed volatility. “Another bout of volatility is expected,” Lin noted.
QCP, meanwhile, is looking beyond the week’s swings, spotlighting the structural forces driving Bitcoin’s evolution into a macro asset.
From ProCap’s $386 million Bitcoin buy to Coinbase’s regulatory success, institutional momentum continues to build.
“If this accumulation trend persists,” QCP remarked, “Bitcoin may not only rival gold as a macro hedge but potentially in total market capitalisation.”
Nevertheless, QCP advises caution: “Geopolitics remains an ever-present undercurrent.”
While markets have largely disregarded renewed Israeli strikes, concerns are amplifying over NATO-Russia tensions. With Western nations increasing defense budgets, the next geopolitical shock may not emerge from the Middle East.
For now, Bitcoin is riding the wave of risk-on enthusiasm. However, beneath the surface, the struggle between volatility and conviction continues to shape the market.
Korean Crypto Investors Favor Community Over Capital, Analyst Explains
For overseas crypto projects, getting listed on a Korean exchange like Upbit or Bithumb is viewed as a golden ticket, an instant liquidity injection, and a validation milestone.
But that mindset may contribute to the problem, explained Bradley Park, an analyst with Seoul-based DNTV Research, in a recent interview with RialCenter.
At Korea Blockchain Week last year, Park repeatedly heard the same question from foreign teams:
“How do we get listed on a Korean exchange?”
Korean exchanges possess deep liquidity pools, and traders in the country are recognized for their euphoric rallies.
“Honestly, many of them are approaching it the wrong way,” Park remarked. “Instead of starting with listing applications, maybe the better question is: How can we genuinely connect with the Korean community?”
Park’s thesis is straightforward: in Korea’s Web3 market, community isn’t just a checkbox. It’s the core. Listings are often a result, not a goal, and genuine grassroots activity sends the key signal to exchanges.
Take NEWT, for example. In the lead-up to its token generation event, Korean traders ignited platforms like Kaito with homegrown content, discussions, and speculation.
“This grassroots excitement translated directly into momentum,” said Park. “Both Upbit and Bithumb listed NEWT on the same day. That wasn’t a coincidence. It was the result of weeks of organic community buildup.”
Yet, Park cautions against treating NEWT as a flawless template.
“It’s not a perfect model, but it does show how even a basic level of respect toward the Korean community can lead to observable outcomes,” he said.
“That said, the subsequent price drop and waning short-term excitement left the project with another challenge: sustaining the momentum is just as difficult as igniting it in the first place.”
Another example: Edward Park, a well-known Korean influencer and early Pudgy Penguins holder, posted about NEWT in Korean, earning over 50,000 views. While this may not appear substantial, the engagement quality is crucial, argues Bradley Park.
He attributes the single post to catalyzing a wave of engagement with other key stakeholders in Korea’s crypto sphere because of Edward Park’s trust.
Projects that treat Korean users like exit liquidity rather than stakeholders tend to face backlash.
Park cites the case of ZORA, where Korean users showed strong early participation but became disillusioned after a perceived unfair airdrop.
“Interest in future Base ecosystem projects diminished. They failed to go viral in Korea because users felt undervalued.”
Localization is essential, especially concerning language. Park contrasts two projects: COOKIE, which suffered from poorly translated, low-quality content created by outsiders, and KAITO, which invested in Korean-speaking staff and dedicated native-language campaigns, subsequently soaring after its Upbit listing.
The takeaway? If your go-to-market strategy starts with “get listed, dump tokens,” don’t expect Korean users to cooperate.
“Even if your aim is to exit through a Korean exchange,” Park emphasized, “at the very least, respect the Korean users, foster their participation, and acknowledge their contributions.”
Token listings driven by the community are feasible, but they are fragile.
“A listing strategy focused purely on short-term liquidity will always have its limitations,” Park asserted. “Without a plan to build lasting trust, even the most explosive momentum will eventually fizzle out.”
Because in Korea, authenticity isn’t just a vibe. It’s the price of admission.
Market Movements:
- BTC: Bitcoin rose 1.46% to $107,600 as a ceasefire and $514M in institutional buying fueled a rebound from sub-$100K, with strong support at $107K and the CoinDesk 20 index up 1.4%.
- ETH: Ethereum climbed 1.42% to $2,425.53, bouncing back from recent lows as a Middle East ceasefire and continued whale accumulation bolstered market sentiment and helped defend key $2,400 support.
- Gold: Gold ticked up to $3,340.90 and silver to $35.79 as markets processed the Israel-Iran ceasefire amid ongoing global tensions.
- Nikkei 225: Asia-Pacific markets opened mixed Thursday, with Japan’s Nikkei 225 rising 0.4%.
- S&P 500: U.S. stock futures remained flat with the S&P 500 near record highs, but analysts cautioned that geopolitical or unforeseen events could stall the rally.
Elsewhere in Crypto:
- Tether CEO forecasts one trillion AI agents will utilize Bitcoin and USDT for transactions within 15 years.
- Animoca Brands’ flagship project Moca Network to launch L1 for digital identity.
- Leading crypto Senator sees end of year as a target for U.S. legislation.
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