Asia Market Briefing: Bitcoin Eyes $120K Despite Trump–Musk Tensions; $TRUMP Token Tanks, CRCL Skyrockets
Good morning, Asia. Here’s a snapshot of the top stories shaping global crypto markets:
Bitcoin Steady Above $101K as Bulls Target $120K
Bitcoin (BTC) is holding firm above $101,500 as Asia kicks off the trading day, shrugging off geopolitical tensions and fresh tariff threats from the Trump administration. Despite short-term volatility, institutional sentiment remains firmly bullish.
Semir Gabeljic, director at Pythagoras Investments, noted that “traders are confident in a sustained bull market through year-end,” citing corporate accumulation and subdued volatility. Polymarket data reflects that optimism, with traders assigning a 69% probability to BTC hitting $120,000 before December.
Paris-based market maker FlowDesk echoed the upbeat outlook, describing the market as “coiled” just beneath all-time highs. Despite a dip in funding rates on Binance, on-chain borrowing has accelerated—suggesting traders are positioning for a breakout.
Corporate adoption continues to be a key driver. Publicly listed firms now hold over 809,000 BTC—nearly $85 billion—more than double last year’s figure, aided by recent U.S. accounting reforms that allow for the recognition of crypto gains.
$TRUMP Token Plunges Amid Musk–Trump Feud, Project Confusion
The political-themed $TRUMP token dropped 9.3% on Thursday, underperforming the CoinDesk 20 Index’s 5% decline. The memecoin’s sharp sell-off was triggered by a public spat between President Trump and Elon Musk over fiscal policy, which quickly devolved into personal attacks.
The situation escalated after a cease-and-desist order forced the shutdown of a new wallet product co-launched with Magic Eden. To make matters worse, Trump’s sons distanced themselves from the token, backing a separate DeFi initiative, World Liberty Financial—adding confusion and casting doubt on the token’s legitimacy.
Investor sentiment turned sharply negative amid the mixed messaging and project fragmentation.
Circle (CRCL) IPO Surges 167%, Echoes Coinbase’s 2021 Debut
Circle’s stock (CRCL) surged 167% on its first trading day, closing at $83 after opening at $31, with intraday highs of $104. The strong debut mirrors Coinbase’s 2021 IPO, though analysts warn of potential volatility ahead.
The surge comes amid rising stablecoin volumes—USDC trading jumped 22%, while Tether’s USDT rose 13% in the past 24 hours. Investors are now watching to see if market enthusiasm translates into long-term performance for CRCL.
U.S. Sanctions Filipino Tech Firm Over $200M Crypto Scam
The U.S. Treasury’s OFAC sanctioned Funnull Technology Inc. and its administrator Liu Lizhi for facilitating large-scale “pig butchering” scams that defrauded U.S. investors of over $200 million.
Funnull allegedly provided technical infrastructure for scam sites used to lure victims via fake online relationships before encouraging fraudulent crypto investments. The sanctions prohibit any U.S. entity from transacting with the firm or its affiliates.
Key Market Movements
- Bitcoin (BTC): Briefly dipped to $100K before rebounding to $101.5K; strong outflows from exchanges signal growing caution.
- Ethereum (ETH): Fell 4% after repeated failures at the $2,640 resistance, despite institutional inflows exceeding $285M.
- Gold: Climbed to $3,363.58 amid weak U.S. data; Gold/Silver ratio above 100 hints at possible silver outperformance.
- Nikkei 225: Rose 0.14% following a productive U.S.–China leadership call, reviving trade optimism.
- S&P 500 Futures: Flat, as Trump–Musk feud injects fresh uncertainty into investor sentiment.
