Good morning, Asia. Here's what's happening: 1. Binance congestion continues to weigh on bitcoin, which lingers below $28K. 2. But a crypto market analyst calls the challenges of the past 2 days 'growing pains' for BTC. By TheSamReynolds, JPRubin23
The meme pool-spurred congestion on Binance and bitcoin’s hefty decline are “growing pains,” but the largest cryptocurrency by market capitalization “will be fine in the long run,” Paul Eisma, head of trading for XBTO Group, told CoinDesk’s “All About Bitcoin” program on Monday.
“It's almost like a deer in headlights for the bitcoin protocol,” Eisma said, linking the latest technical problems to the late 2021 Taproot upgrade,But Eisma said optimistically that bitcoin has remained in a range roughly between $25,000 and $30,000 for much of this year. He said that crypto is still in its formative years, so understandably subject to the same headwinds that have afflicted other early-stage technologies throughout history.
“Like any young and growing, nascent technology that gets upgrades and modifications, this is part of it,” Eisma said. “This is part of the growth and evolution of the network, and the path is not straight. Eisma said that he will be eyeing Wednesday’s release of the May Consumer Price Index for a sense of the U.S. central bank’s next privacy move. The Federal Reserve has boosted interest rates 25 basis points three consecutive times, but observers of monetary policy, particularly those critical of the Fed, are hoping for a cessation of the bank’s hawkishness.
“What asset markets are looking for is something not too strong or too weak because if something comes in and around, like, I don't know, plus, or minus, you know, some decent, low standard deviation of what's expected, then still too early for a pause to rate decreases,” he said. But he added warily that the current inflation rate is still above “the 2% level the Fed is seeking. It's still about the core PCE level that they're seeking as well.
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