Asia Morning Briefing: Bitcoin Bulls Laser Focused on $120K Despite Trump-Musk Turmoil
Bitcoin (BTC) opened Asia’s trading day above $101,500, weathering fresh tariff uncertainties from the Trump administration. However, market sentiment remains bullish, with traders anticipating BTC to reach $120,000 by year-end, fueled by sustained corporate buying and decreasing volatility. Semir Gabeljic of Pythagoras Investments notes that while Trump’s tariffs are causing some volatility, Bitcoin’s strength and lower volatility compared to other digital assets persist. Polymarket data indicates a 69% probability of Bitcoin hitting $120,000 by year’s end. FlowDesk echoes this optimism, observing market consolidation before a potential breakout, despite a slight decline in BTC funding rates and increased on-chain borrowing activity. Corporate treasury holdings of BTC have nearly doubled year-over-year, reaching approximately 809,100 BTC, valued at nearly $85 billion.
The $TRUMP memecoin experienced a 9.3% drop, underperforming the broader crypto market amid a public feud between President Trump and Elon Musk and internal conflicts within the Trump family regarding crypto ventures. The token’s newly launched crypto wallet, created with Magic Eden, went offline following a cease-and-desist letter, further impacting its price. Trump’s sons publicly distanced themselves from the project, citing involvement in a separate DeFi initiative.
Circle (CRCL) shares surged 167% on their IPO debut, closing at $83 after pricing at $31, briefly reaching $104. This rapid increase mirrors Coinbase’s 2021 IPO, raising concerns about long-term stability. The surge coincided with a 22% increase in USDC trading volume and a 13% rise in USDT volume.
The U.S. Treasury sanctioned Funnull Technology Inc. for facilitating “pig butchering” crypto scams resulting in over $200 million in losses. The firm provided digital infrastructure used in these scams.
Market movements saw Bitcoin briefly dipping to near $100,000 before recovering, Ethereum dropping 4%, gold edging higher to $3,363.58, and Asia-Pacific markets opening higher following a positive call between Presidents Trump and Xi. The S&P 500 futures remained flat amidst the Trump-Musk feud. Yuga Labs proposed dissolving the ApeCoin DAO, and White House crypto chief Bo Hines met with El Salvador’s President Bukele to discuss Bitcoin.
