Asia Morning Briefing: Bitcoin Bulls Eye $120K Despite Trump-Musk Turmoil
Bitcoin (BTC) opened Asia trading above $101,500, weathering tariff uncertainties from the Trump administration. However, market sentiment remains bullish, with traders anticipating BTC to reach $120,000 by year-end, fueled by consistent corporate buying and reduced volatility. Pythagoras Investments’ Semir Gabeljic notes that Polymarket indicates a 69% probability of BTC hitting $120,000. FlowDesk observes market consolidation before a potential breakout, highlighting significant repositioning from BTC to altcoins, although BTC’s underlying strength persists. Reduced BTC funding rates suggest decreased leverage, yet increased on-chain borrowing activity hints at anticipated market movement. Corporate treasury holdings of BTC now approach 809,100, valued at nearly $85 billion, almost double the amount from a year ago, driven by regulatory changes and accounting adjustments.
The $TRUMP memecoin experienced a 9.3% drop, underperforming the broader market (CoinDesk 20 down 5%), largely due to the public feud between President Trump and Elon Musk, and internal conflicts within the Trump Organization regarding the token’s associated crypto wallet. Trump’s sons distanced themselves from the project, citing involvement in a separate DeFi initiative, amplifying investor uncertainty.
Circle (CRCL) shares surged 167% on their IPO debut, closing at $83 after pricing at $31, briefly reaching $104. This recalls Coinbase’s volatile 2021 IPO, prompting investor caution regarding long-term stability. The surge coincided with increased stablecoin activity: USDC volume rose 22%, and USDT 13%.
The U.S. Treasury sanctioned Funnull Technology Inc. for facilitating over $200 million in “pig butchering” crypto scams. The firm provided infrastructure for scam websites that defrauded U.S. victims.
Market movements saw BTC briefly dip below $100,000 before recovering, ETH falling 4% despite institutional buying, gold rising to $3,363.58 amid easing U.S.-China tensions, and the Nikkei 225 up 0.14% following a positive Trump-Xi Jinping call. S&P 500 futures remained flat due to the Trump-Musk feud. Yuga Labs plans to dissolve the ApeCoin DAO, and Tether’s CEO commented on Circle’s IPO. White House crypto chief Bo Hines met with El Salvador’s President Bukele to discuss Bitcoin.
