Crypto Prices Fell on Tuesday

This morning, the prices of cryptocurrencies fell in Asia following news that the United States Securities and Exchange Commission (SEC) delayed its decision on three Bitcoin exchange-traded fund proposals.

The SEC Chairman, Jay Clayton in June said that the regulator must feel comfortable with the safety of Bitcoin custodial services before it could move ahead on an ETF.

Following this news, the prices of major cryptocurrencies slipped.

Bitcoin slipped by 0.1% to $11,392.3 while Ethereum went down by 1.6% to $209.00.

Similarly, XRP lost by 1.4% and Litecoin dropped by 4.5% to $84.785.

Meanwhile, reports that China’s central bank may release its digital currency remained in focus. Earlier this week, it was reported that the virtual coin was "almost ready" for release.

Likewise, according to a recent report by Goldman Sachs, the sudden fall in the price of Bitcoin is an opportunity to buy on weakness as long as it does not retrace further than the $9,084 low.

Asia Shares Slip Following Hong Kong Unrest

Asian shares fell during early morning trades as fears about the US-China trade conflict keeps on growing. Moreover, protests in Hong Kong and the crash in Argentina's peso made investors to opt for safer alternatives such as bonds, gold, and the yen.

MSCI's broadest index of Asia-Pacific shares outside Japan was down by 0.26% while Japan's Nikkei collapsed at 1.28%.

The selling in regional markets came after Wall Street stocks took a beating on Monday, with the S&P 500 losing by 1.23%.

The sentiment was already weak with the United States and China trade war. Markets were hit with further turbulence after protesters managed to close down Hong Kong's airport on Monday.

Furthermore, the benchmark 10-year Treasury yields reached its lowest point in almost three years as gold was up to six-year highs. Likewise, the yen also saw a slight increase against the dollar.

Moreover, the protests in Hong Kong are affecting stocks, which were already in an adjustment phase because of assumptions that trade war will soon trigger a recession.

The Argentine peso tumbled overnight as it fell to 55.85 to the dollar following the surprise victory of the opposition against Macri in the primary election.

In Asia, benchmark 10-year Treasuries yields were 1.6505%. On August 7 Treasuries yields slid to its lowest point since October 2016 at 1.5950%.

Gold Futures Increased

Gold futures rose during morning trading sessions on Tuesday.

Gold futures for delivery in December rose by 0.68% to $ 1,527.55 per troy ounce on the Comex division of the New York Mercantile Exchange.

Earlier, the troy ounce was trading in a dollar bullish session. Gold was likely to find support at $ 1,499.35 and resistance at $ 1,530.55.

The US Dollar Futures Index was up by 0.22% to $ 97,412 against six other major currencies.

Elsewhere on Comex, Silver for delivery in September went up by 1.21% and traded at $ 17,277 per troy ounce while Copper for delivery in September dropped by 0.04% to trade at $ 2,582 per pound.

Financial Events to watch for today

09:00 GMT
German ZEW Economic Sentiment (Aug) [DE]
12:30 GMT
Core CPI (MoM) (Jul) [US]