Bitcoin Holds Ground Above $101K Amid Tariff Tensions; $TRUMP Token Sinks on Musk-Trump Fallout
Top Headlines:
- Bitcoin steady as markets eye $120K
- $TRUMP memecoin plunges amid Musk feud and wallet shutdown
- Circle (CRCL) pops 167% in public debut
- U.S. sanctions Filipino firm over $200M crypto scam
Bitcoin Shows Strength as Traders Eye Breakout
Bitcoin (BTC) traded just above $101,500 in early Asia hours, maintaining resilience despite renewed trade tensions out of Washington. The Trump administration’s unexpected tariff proposal failed to significantly rattle crypto markets, with investor focus firmly on long-term upside.
“Despite macro uncertainty, BTC’s low volatility and continued institutional accumulation are signs of strength,” said Semir Gabeljic of Pythagoras Investments. “Sentiment remains skewed toward a $120K target.”
Polymarket data shows a 69% probability that bitcoin reaches that mark before year-end, bolstered by growing corporate treasury allocations and revised accounting standards. According to recent filings, public companies now hold over 809,000 BTC—worth nearly $85 billion.
FlowDesk highlighted a subtle shift in positioning: while funding rates on Binance declined, on-chain borrowing activity rose, suggesting renewed risk appetite beneath the surface.
$TRUMP Token Falls 9% After Political Drama, Branding Conflict
The $TRUMP memecoin dropped over 9% after a public clash between Elon Musk and President Trump escalated into political threats. The feud, triggered by debate over a proposed fiscal bill, stoked fears that broader tech relationships could be impacted.
Tensions were further inflamed when a wallet linked to the $TRUMP token—developed with NFT marketplace Magic Eden—was taken offline due to a cease-and-desist from a rival Trump-aligned crypto project.
Trump’s sons added to the confusion, disavowing the token and backing a separate Ethereum-based initiative called World Liberty Financial. The resulting brand disarray and technical disruptions sparked investor retreat.
Circle Shares Surge on IPO Debut
Circle (CRCL) made a blockbuster public debut, closing at $83—up 167% from its IPO price of $31. The stock briefly hit $104 before settling back amid brisk trading. The USDC issuer’s listing comes amid renewed interest in stablecoin infrastructure.
USDC volume climbed 22% in the past 24 hours, while Tether (USDT) saw a 13% gain, reflecting rising transactional activity.
Analysts are now watching for signs of sustainability after the initial euphoria, drawing parallels to Coinbase’s 2021 IPO surge and subsequent correction.
OFAC Targets $200M Crypto Scam Network Based in Philippines
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Funnull Technology Inc. and its administrator Liu Lizhi for aiding massive “pig butchering” scams that defrauded U.S. investors out of more than $200 million.
Authorities allege the firm offered technical infrastructure—such as domains and IP masking—for online romance and investment scams designed to lure victims into fraudulent crypto platforms.
The sanctions bar U.S. entities from doing business with the firm and mark a broader crackdown on transnational cyberfraud networks.
Market Recap
- BTC: Down 4% to $101.5K; large exchange outflows point to defensive positioning
- ETH: Fell 4% to $2,510; failed to break resistance at $2,640 despite whale buying
- Gold: Rose to $3,363.58 as weak U.S. economic data boosts safe-haven appeal
- Nikkei 225: Up 0.14% on renewed optimism around U.S.-China trade talks
- S&P 500 Futures: Flat amid political noise and investor caution
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