Bitcoin and Ethereum Remain Flat as Asian Markets Slow Down Due to Holidays

Bitcoin and Ethereum Price Stability Amid Quiet Asian Markets and Fed Comments

Bitcoin and Ethereum – As Asia’s markets enter a lull due to regional holidays, Bitcoin (BTC) and Ethereum (ETH) have remained flat, while political finance tokens (PoliFi) are enjoying significant gains ahead of the U.S. elections.

Bitcoin and Ether Remain Stable as Asia’s Markets Quiet

Bitcoin and Ethereum have traded sideways during the first half of the East Asian trading session, largely impacted by public holidays in major markets including China, Hong Kong, and South Korea.

Bitcoin (BTC) is currently priced above $63,700, down 1%, according to CoinDesk Indices data. Meanwhile, Ethereum (ETH) is trading above $2,600, with the overall CoinDesk 20 index down 0.7%. This subdued activity can be attributed to China’s Golden Week and Hong Kong’s National Day holiday, which has quieted trading volumes. Additionally, South Korea’s Armed Forces Day has contributed to the slow market activity.

Federal Reserve Remarks Hold Back Market Momentum

Market sentiment remains mixed following recent comments from Federal Reserve Chair Jerome Powell, who poured cold water on the idea of a substantial interest rate cut. Powell’s remarks hinted at a cautious approach, stating, “Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course.”

The remarks have tempered expectations of a large-scale rate cut in the near term. Polymarket bettors are currently pricing a 63% chance of a 25 basis points rate cut in November, up from 42% last week.

Bitcoin ETF Inflows Continue Positive Streak

In the United States, Bitcoin Exchange-Traded Funds (ETFs) continue to enjoy a positive streak, marking their eighth consecutive day of inflows, according to SoSoValue data. Monday saw inflows totaling $61 million, with the majority going into BlackRock’s IBIT ETF, which has accumulated a total net inflow of $21.5 billion since its inception.

PoliFi Tokens Rally as U.S. Election Nears

As the U.S. election approaches, PoliFi tokens tied to political outcomes have surged in value. According to CoinGecko, the total market cap of PoliFi tokens now stands at nearly $700 million. The MAGA token (ticker: TRUMP) has surged by 70% over the past week, while its Solana counterpart TREMP has risen 33%. Additionally, Kamala Harris’ token (KAMA) is up 61%, reflecting the close race between Harris and Trump on platforms like Polymarket, where Harris currently holds a 1-point lead.

Woo X has announced that it will soon list HARRIS and TRUMP tokens from Outcome Market, a decentralized prediction market powered by Wintermute. This move comes amid rising interest in crypto-based election betting, with Polymarket reporting over $1 billion in election-related betting volume.

Decentralized Science (DeSci) Initiative Expands with BIO Token Sale

In the decentralized science space, the BIO Association, a Swiss nonprofit focused on decentralized biotech research, has launched its second round of public token sales. The association’s BIO token is designed to support a decentralized biotech network that funds early-stage scientific research through BioDAOs.

The BIO protocol allows scientists and researchers to bypass traditional gatekeepers, such as pharmaceutical companies, in order to push forward groundbreaking discoveries. Paul Kohlhaas, the founder of the BIO protocol, highlighted the project’s mission in a recent CoinDesk interview: “With DeSci, you can bypass Big Pharma and these massive gatekeepers that sometimes stop science from happening…”

BIO’s first round of token sales raised over $5 million, with backing from Sora Ventures and other venture capitals. The current round aims to raise an additional $13 million to accelerate community-driven scientific discoveries.

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