Bitcoin extended its gradual upward trajectory during the Asian trading session, climbing to just over $81,000 and adding to recent gains. The move followed the US Securities and Exchange Commission’s decision to authorize onchain trading of tokenized US equities, a development that spurred a wave of short covering in crypto markets.
NEAR outperforms with surge in ZEC trading
Among major crypto assets, NEAR delivered the strongest performance, rising approximately 23% to trade just above $4. The surge came as NEAR Intents—a cross-chain swap service integrated into the NEAR blockchain—saw significant increases in activity, particularly involving ZEC swaps.
ZODL and Vizor, two prominent digital wallets, have adopted the NEAR Intents service to facilitate ZEC transactions. Daily ZEC volumes processed by NEAR Intents rose sixfold last week, positioning NEAR as a critical routing solution for heavy ZEC flows and contributing to NEAR’s price momentum.
Mini dictionary: NEAR Intents, a protocol developed on the NEAR blockchain, enables users to seamlessly swap tokens across multiple blockchains directly from compatible wallets, reducing the need for manual asset transfers between networks.
| Token | 24h Change | Price |
|---|---|---|
| Bitcoin (BTC) | +1% | $81,000 |
| NEAR | +23% | $4 |
| ZEC | +3% | $1,500 |
| BNB | +2% | $777 |
| Ether (ETH) | +2% | — |
| HYPE | +2% | — |
| XRP, DOGE, SOL, TRX | <1% | — |
Stock and commodity markets rise on US-China trade progress
Regional equities and US stock futures moved higher, buoyed by progress in negotiations between US and Chinese officials. MSCI’s Asia Pacific Index advanced nearly 1%, led by renewed strength in South Korean and Taiwanese technology shares.
US representatives called the dialogue with China “very successful,” ahead of a planned summit between US President Donald Trump and Chinese President Xi Jinping later this week. Those announcements helped support both traditional and crypto markets.
Meanwhile, S&P 500 futures rose less than 1%, and Nasdaq 100 contracts recorded modest gains. Brent crude retreated 2% to just above $101 per barrel, its fourth consecutive decline, offering market participants some relief from inflationary worries and driving Treasury futures higher.
Short squeeze and volatility expectations shape crypto outlook
Jeff Mei, chief operating officer at digital asset exchange BTSE, attributed the weekend bitcoin rally to the SEC’s green light for onchain trading of tokenized equities and the subsequent short squeeze. He suggested that with limited scheduled events this week, aside from comments from Federal Reserve policymakers, market volatility could persist in the coming weeks leading up to the Fed’s late October meeting.
Jeff Mei expects more price swings in the final stretch before the Fed’s next interest rate decision, noting that only a single inflation data release and a month of policymaker speeches are likely to sway market direction before then.
Elsewhere in the industry, ZEC gained 3% to over $1,500, while BNB advanced 2% to nearly $777. Ether (ETH) and HYPE each increased 2%. Among other major tokens, XRP, DOGE, SOL, and TRX each rose less than 1%.
Stablecoins gain focus in Asia Pacific
Separate research continues to indicate that as stablecoins move into regulated finance, the Asia Pacific region is emerging as a vital testing ground. Market analysts are tracking regulatory developments and use cases, with some highlighting the expanding role of RLUSD in regional stablecoin initiatives.
Industry participants have underscored Asia Pacific’s significance in shaping the adoption of regulated stablecoins, pointing to evolving rules and growing practical applications across the region.
