Bitcoin Weakens Despite Easing US-China Trade Tensions…Impact of Macroeconomic Uncertainty

Despite optimistic outlooks in Asian stock markets due to the US and China trade talks, the digital asset market— including Bitcoin (BTC)— is experiencing weakness amid macroeconomic uncertainty.

According to TradingView data on the 9th (local time), the Hang Seng Index rose by 1.3% and surpassed the 24,000 mark for the first time since March 24. In contrast, Bitcoin, which set an all-time high of $111,980 on May 22, has continued to decline and is now consolidating near $105,650.

The digital asset market is seeing sideways movement as uncertainty in the macroeconomy persists, such as deepening deflation in China and the upcoming release of the US Consumer Price Index (CPI) for May scheduled for the 11th.

Digital asset-focused media outlet CoinDesk forecasted that "China will further ease liquidity if deflation intensifies," and that "additional stimulus measures from China could have a positive impact on the digital asset market." Previously, China lowered its benchmark interest rate by 10bp in May to a record low and supplied liquidity to the market by reducing the reserve requirement ratio.