Bitcoin hovered near the $92,000 mark during early trading in Asia on Wednesday, as the region’s strong start to the year began to lose momentum and investors turned more cautious.
Asian equities pulled back after several days of gains. Japan led the pause, with the Nikkei slipping in early trade and dragging the MSCI Asia Pacific Index lower after four straight up sessions. The yen, meanwhile, was little changed against the dollar.
Geopolitics added another layer of caution. Tensions between Asia’s two largest economies flared after China imposed new export controls on Japan, targeting items with potential military use. Beijing said more than 800 dual-use products are now banned from export to Japan for military purposes, effective immediately.
Despite the steady stream of macro headlines, crypto markets remained relatively calm.
Market snapshot
Bitcoin: $92,788, down 0.9%
Ether: $3,259, up 1.4%
XRP: $2.27, down 5.4%
Total crypto market cap: $3.27 trillion, down 0.8%
Oil weighs as Venezuela headlines ripple through markets
Energy markets stayed under pressure, with oil prices extending losses as traders continued to digest developments around Venezuela. Brent and WTI crude fell again after President Donald Trump said Venezuela would hand over as much as 50 million barrels of oil to the US, adding fresh uncertainty to global supply expectations.
Wall Street handed off a positive lead overnight. US stocks finished higher on Monday, with financials pushing the Dow to a record close. Energy shares also jumped after a US military operation that captured Venezuelan President Nicolás Maduro, with investors betting the move could eventually unlock access to Venezuela’s vast oil reserves.
Europe rides tech and defence strength
Risk appetite has also carried into Europe. London’s FTSE 100 hit a record high this week, lifted by gains in energy and defence stocks as markets absorbed the Venezuela shock.
Technology remains the standout theme. Updates from CES helped keep the AI trade alive, with Nvidia saying the already-strong revenue outlook it gave in October has only become more optimistic. The chipmaker reiterated expectations tied to roughly $500 billion in data center chip revenue by the end of 2026.
