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.
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.