Bitcoin Falls to $121.5K as Dollar Strengthens; Binance Launches Meme Rush
Bitcoin (BTC) slipped to $121,500 on Thursday, pressured by a firmer U.S. dollar and waning risk appetite, while Binance debuted its Meme Rush platform targeting growing Chinese-language memecoin speculation.
The cryptocurrency reversed Wednesday’s rebound amid flat-to-negative trading in European equities and continued dollar strength.
Market concerns added to the bearish tone. JP Morgan CEO Jamie Dimon warned of a potential major stock market correction in the coming months.
Meanwhile, Arthur Hayes, CIO of Maelstrom Fund, suggested that Bitcoin’s traditional four-year halving cycles are effectively obsolete, with rising global fiat liquidity expected to sustain the crypto bull market.
“The global liquidity cycle is clearly shifting. Central banks are moving from tightening to easing,” said Timothy Misir, head of research at BRN. “Markets now price a 90% probability of a Fed cut in October and another in December. The ECB’s balance sheet has expanded for the first time in eight months, while China’s PBoC injected a record 1.2 trillion yuan to support credit markets.”
Misir added that such macro conditions have historically supported risk assets and Bitcoin rallies.
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