Bitcoin Remains Strong with $120K Target Amid Trump-Musk Turmoil

Market Summary

Bitcoin (BTC) is trading above $101.5K, showing resilience despite tariff uncertainties from the Trump administration. Key points include:

  • Traders expect BTC to reach $120,000 by year-end, with a 69% probability priced in on Polymarket.
  • Corporate treasuries hold approximately 809,100 BTC, valued at nearly $85 billion, reflecting significant accumulation.
  • FlowDesk notes market is coiling for a potential breakout despite a shift towards altcoins.
  • Funding rates for BTC have declined on major exchanges, indicating reduced leverage.

Market Update

News Roundup

$TRUMP Token Performance

The $TRUMP memecoin dropped 9.3%, underperforming the broader crypto market due to:

  • A public feud between Donald Trump and Elon Musk impacting investor sentiment.
  • Pressure from a cease-and-desist order affecting the token’s crypto wallet.
  • Trump's sons distancing themselves from the project amidst internal conflicts.

Circle (CRCL) IPO Success

Circle shares surged 167% on their first trading day, closing at $83 after an initial price of $31. Observations include:

  • Trading volume for Circle's USDC rose by 22% within 24 hours.
  • Investors remain cautious about long-term stability following the volatile debut.

U.S. Treasury Sanctions

The U.S. Treasury sanctioned Funnull Technology Inc. for its role in $200 million "pig butchering" crypto scams, including:

  • Providing infrastructure for scam websites targeting U.S. victims.
  • Prohibition of transactions with the firm aimed at protecting investors.

Market Movements

  • BTC tested $100K support before rebounding to above $101.5K amid high-volume selling.
  • ETH fell 4% after failing to break the $2,640 resistance level, despite increased institutional buying.
  • Gold rose to $3,363.58, aided by weak U.S. economic data and easing tensions with China.
  • Nikkei 225 opened higher by 0.14%, influenced by positive U.S.-China trade talks.
  • S&P 500 futures remained flat amid market uncertainty linked to the Musk-Trump dispute.

Elsewhere in Crypto