Bitcoin Slides to $121.5K as Dollar Strengthens; Binance Debuts Meme Rush
Bitcoin (BTC) fell to $121,500 on Thursday, reversing Wednesday’s gains amid a stronger U.S. dollar and weaker risk appetite, while Binance rolled out its Meme Rush platform to capitalize on growing Chinese-language memecoin activity.
The decline coincided with flat-to-negative trading in European equities, signaling caution across global markets. JP Morgan CEO Jamie Dimon warned that a significant stock market correction could be on the horizon in the coming months.
Meanwhile, Arthur Hayes, CIO of Maelstrom Fund, argued that Bitcoin’s traditional four-year halving cycles are effectively obsolete, with rising global fiat liquidity expected to continue supporting the crypto bull market.
“The global liquidity cycle is clearly shifting from tightening to easing,” said Timothy Misir, head of research at BRN. “Markets now price a 90% chance of a Fed rate cut in October, with another likely in December. In Europe, the ECB’s balance sheet expanded for the first time in eight months, and China’s PBoC injected a record 1.2 trillion yuan to support credit markets.”
Misir added that such macroeconomic conditions have historically fueled risk-asset rallies, including Bitcoin bull cycles.
