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BTC Bulls Laser Focused on $120K Despite Trump-Musk Turmoil

June 6, 2025Updated:June 6, 2025No Comments5 Mins Read
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BTC Bulls Laser Focused on 0K Despite Trump-Musk Turmoil
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Good Morning, Asia. Here is what’s making information within the markets:

Welcome to Asia Morning Briefing, a each day abstract of prime tales throughout U.S. hours and an summary of market strikes and evaluation. For an in depth overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Bitcoin

is buying and selling above $101.5K as Asia begins its buying and selling day, shrugging off recent tariff uncertainties from the Trump administration.

Nevertheless, the true story, in line with Semir Gabeljic, director of capital formation at Pythagoras Investments, is that merchants proceed to be laser-focused on a bull market all through the rest of the 12 months, with a excessive diploma of confidence that BTC will attain $120,000, buoyed by persistent company shopping for and declining volatility.

“The uncertainty from sudden tariff will increase by the Trump administration is inflicting some volatility,” Gabeljic stated in an e mail to CoinDesk. “Nevertheless, bitcoin stays comparatively robust, with decrease volatility in comparison with different digital belongings.”

Institutional bullishness stays resilient, Gabeljic highlighted, noting that merchants on Polymarket are “pricing in a 69% chance that Bitcoin will hit no less than $120,000 by year-end.”

FlowDesk, a Paris-based market maker, echoed this optimistic outlook regardless of current subdued market circumstances in a current word on Telegram.

“The market is clearly coiling, ready to interrupt out of a slender band slightly below all-time highs,” FlowDesk wrote of their market replace word. “Vital repositioning and rotation from Bitcoin in the direction of altcoins has occurred, although BTC’s underlying power stays evident.”

FlowDesk additionally famous cautious market habits, as indicated by a modest decline in BTC funding charges on main exchanges like Binance, which suggests a discount in leverage. Nevertheless, on-chain borrowing exercise has seen renewed vigor, probably signaling anticipation of an imminent market breakout.

Additional bolstering the bullish BTC narrative is the continued accumulation by company treasuries.

Listed corporations now maintain roughly 809,100 BTC, value almost $85 billion, almost doubling the quantity held a 12 months in the past, pushed by favorable regulatory shifts and accounting modifications that enable for the popularity of bitcoin good points.

“The expectation of a continued robust bitcoin stays,” stated Gabeljic.

(CoinDesk)

Information Roundup

$TRUMP Token Drops 9% as Musk-Trump Feud, Household Crypto Conflict Spook Buyers

The presidential-themed $TRUMP memecoin fell 9.3% on Thursday, considerably underperforming the broader crypto market as tracked by the CoinDesk 20, an index overlaying the most important digital belongings, which declined 5%.

The token’s sharp downturn adopted a heated public trade between President Donald Trump and Elon Musk, sparked by disagreements over Trump’s proposed “Large, Lovely Invoice” and its affect on nationwide debt, CoinDesk beforehand reported.

The argument escalated shortly, with Musk threatening to floor SpaceX’s Dragon spacecraft and Trump countering by suggesting the federal government would possibly sever contracts with Musk-led enterprises.

Additional strain on the memecoin got here after its newly launched crypto pockets, created in partnership with NFT market Magic Eden, went offline following a cease-and-desist from one other Trump-affiliated crypto enterprise.

Trump’s sons publicly distanced themselves from the memecoin venture, highlighting their involvement in a separate Ethereum-based DeFi initiative, World Liberty Monetary. The interior branding conflict added one other layer of uncertainty, amplifying investor issues and weighing closely on the token’s value.

CRCL Soars on First Day of Buying and selling

Circle (CRCL) shares soared 167% on their first day of buying and selling, closing at $83 after pricing its IPO at $31, briefly hitting an intraday peak of $104. The surge recollects Coinbase’s risky 2021 IPO, which equally began robust however quickly misplaced momentum, elevating warning amongst buyers about long-term stability.

The bounce in Circle’s inventory value got here amid a modest uptick in stablecoin market exercise. Buying and selling quantity for Circle’s USDC rose 22% over the previous 24 hours, whereas market chief Tether’s USDT noticed quantity improve by 13%. Regardless of the bullish debut, the approaching weeks will check Circle’s endurance as buyers assess whether or not enthusiasm round stablecoin infrastructure interprets into sustained inventory efficiency.

U.S. Treasury Sanctions Philippines Agency Linked to $200M ‘Pig Butchering’ Crypto Scams

The U.S. Treasury’s Workplace of International Property Management (OFAC) sanctioned Philippines-based tech agency Funnull Know-how Inc. and its administrator, Liu Lizhi, for facilitating “pig butchering” crypto scams answerable for over $200 million in losses from U.S. victims, CoinDesk beforehand reported.

OFAC accused Funnull Know-how of offering digital infrastructure, resembling IP addresses and domains, utilized by cybercriminals to host a whole bunch of 1000’s of rip-off web sites designed to deceive victims into fraudulent crypto investments.

“Pig butchering” refers to elaborate crypto scams that groom victims over time, usually starting by way of unsolicited messages and pretend romantic overtures, earlier than convincing them to speculate vital sums. With these sanctions, OFAC prohibits any U.S. individuals from partaking in transactions with Funnull or Liu, aiming to disrupt the networks enabling these intensive cyber scams and to safeguard buyers within the digital asset ecosystem.

Market Actions:

  • BTC: Bitcoin dropped almost 4% to check the $100K assist stage earlier than rebounding above $101.5K, as high-volume promoting and main trade outflows signaled rising market stress amid weakening retail exercise.
  • ETH: Ethereum dropped 4% after repeatedly failing to surpass the essential $2,640 resistance stage, regardless of elevated institutional shopping for and notable whale accumulation of over $285 million in ETH.
  • Gold: Gold edged greater to $3,363.58 in early Asian buying and selling amid weak U.S. financial information and indicators of easing U.S.-China tensions, because the Gold-Silver Ratio surged previous 100—a uncommon sign traditionally linked to outsized silver returns.
  • Nikkei 225: Asia-Pacific markets opened greater, with Japan’s Nikkei 225 up 0.14%, after a optimistic 90-minute name between U.S. President Trump and China’s Xi Jinping set the stage for resumed commerce negotiations.
  • S&P 500: U.S. inventory futures flatlined as a public feud between President Trump and Tesla CEO Elon Musk added uncertainty to market sentiment.

Elsewhere in Crypto:





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