Bitcoin Prices Tied to Sentiment as APAC Eyes Retail Sales Data
Asia-Pacific traders face a risk-off open after a volatile session of losses in New York sent US equity indexes lower. Technology stocks underperformed the broader market, with the high-beta Nasdaq-100 Index (NDX) closing 3.09% lower, bringing the total loss for the index close to 8% on the month as July approaches. Chinese markets, however, are set to close out the month with gains after the economic powerhouse eased Covid-19 restrictions. Bitcoin prices fell amid the risk aversion. The cryptocurrency may trade higher if Asian equity markets buck the overnight weakness.
Beijing slashed the period that international travelers need to spend in quarantine on Tuesday, the latest sign that policymakers are willing to pull back from the “Zero-Covid” policy. Travelers from outside China are now only required to spend one week in quarantine. The same pent-up demand effect seen in Western economies, where restrictions were eased largely early this year and late last year, may be seen in China over the coming months, assuming restrictions continue to recede
Beijing slashed the period that international travelers need to spend in quarantine on Tuesday, the latest sign that policymakers are willing to pull back from the “Zero-Covid” policy. Travelers from outside China are now only required to spend one week in quarantine. The same pent-up demand effect seen in Western economies, where restrictions were eased largely early this year and late last year, may be seen in China over the coming months, assuming restrictions continue to recede
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