Morning Brief: Bitcoin Pushes Toward $120K Even as Trump–Musk Feud Intensifies

Asia Kicks Off as Bitcoin Eyes $120K, But Trump–Musk Feud Sparks Turbulence

Top Stories This Morning:

Bitcoin holds firm above $101K amid political drama
$TRUMP memecoin stumbles on brand confusion and wallet takedown
Circle (CRCL) explodes 167% on IPO debut
OFAC crackdown hits $200M crypto scam operation in Southeast Asia

Bitcoin Resilient Above $101K as Bulls Stay the Course

Despite rising geopolitical jitters, Bitcoin (BTC) is starting the Asia trading session above $101,500. Market sentiment remains bullish even after the Trump administration signaled new tariff hikes, adding friction to already fragile macro conditions.

Semir Gabeljic of Pythagoras Investments said in a note that institutional investors remain laser-focused on a long-term rally. Polymarket traders now assign a 69% probability that BTC will hit $120K by year-end.

“The current volatility is largely noise,” Gabeljic said. “Bitcoin is demonstrating stronger relative stability than most other digital assets.”

Market maker FlowDesk echoed that sentiment, noting a sharp rise in on-chain leverage as funding rates dip. According to the firm, the market is compressing just below record highs and appears ready to break out.

Public companies have now amassed over 809,100 BTC, worth nearly $85 billion, a surge fueled by favorable regulatory clarity and new GAAP accounting rules that allow companies to log unrealized crypto gains.

$TRUMP Token Slides as Elon–Trump Spat Spills Into Crypto

The Trump-branded $TRUMP token fell 9.3% on Thursday, weighed down by a public feud between Elon Musk and Donald Trump. The fallout spooked investors, particularly after Trump hinted at re-evaluating SpaceX contracts, while Musk publicly criticized the administration’s fiscal discipline.

Compounding the chaos, a newly launched wallet tied to the token was abruptly shut down after a legal challenge from another Trump-affiliated crypto group. Further confusion followed as Trump’s sons distanced themselves from the token, clarifying that they are backing a separate DeFi initiative called World Liberty Financial.

The result: uncertainty, poor branding optics, and shaken investor confidence.

Circle’s IPO Soars 167% as Stablecoin Bet Gains Traction

Circle (CRCL) roared to life in its public market debut, closing at $83—up 167% from its $31 IPO price. Shares briefly touched $104, evoking memories of Coinbase’s red-hot 2021 listing.

Investors were further buoyed by rising stablecoin activity: USDC volume jumped 22% in 24 hours, with Tether’s USDT not far behind at 13%. While enthusiasm is high, questions loom over CRCL’s long-term valuation as market participants await further earnings guidance and ecosystem developments.

U.S. Treasury Sanctions Filipino Firm Over $200M Crypto Fraud

The U.S. Treasury sanctioned Funnull Technology Inc., a Philippines-based firm allegedly central to a $200M global crypto scam network known as “pig butchering.” The term refers to long-game social engineering tactics where scammers groom victims online before convincing them to invest in fake crypto platforms.

Funnull is accused of providing critical digital infrastructure—such as domains and server routing—that enabled widespread fraud. The sanctions freeze all U.S. assets and bar American entities from engaging with the company or its founder, Liu Lizhi.

Market Snapshot

BTC: Dipped to $100K before recovering to $101.5K; exchange outflows suggest traders are on edge.
ETH: Down 4%, stuck below $2,640 resistance despite over $285M in whale accumulation.
Gold: Climbed to $3,363.58 as traders digest weak U.S. job data and easing U.S.-China tensions.
Nikkei 225: Gained 0.14% after Trump and Xi’s conciliatory trade call.
S&P 500 Futures: Flat as political noise from Washington rattles equities.