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Asia Morning Briefing: Bitcoin Bulls Eye $120K Despite Trump-Musk Turmoil

Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin BTC is trading above $101.5K as Asia begins its trading day, shrugging off fresh tariff uncertainties from the Trump administration.
However, the real story, according to Semir Gabeljic, director of capital formation at Pythagoras Investments, is that traders continue to be laser-focused on a bull market throughout the remainder of the year, with a high degree of confidence that BTC will reach $120,000, buoyed by persistent corporate buying and declining volatility.
«The uncertainty from unexpected tariff increases by the Trump administration is causing some volatility,» Gabeljic said in an email to CoinDesk. «However, bitcoin remains relatively strong, with lower volatility compared to other digital assets.»
Institutional bullishness remains resilient, Gabeljic highlighted, noting that traders on Polymarket are «pricing in a 69% probability that Bitcoin will hit at least $120,000 by year-end.»
FlowDesk, a Paris-based market maker, echoed this optimistic outlook despite recent subdued market conditions in a recent note on Telegram.
«The market is clearly coiling, waiting to break out of a narrow band just below all-time highs,» FlowDesk wrote in their market update note. «Significant repositioning and rotation from Bitcoin towards altcoins has occurred, though BTC’s underlying strength remains evident.»
FlowDesk also noted cautious market behavior, as indicated by a modest decline in BTC funding rates on major exchanges like Binance, which suggests a reduction in leverage. However, on-chain borrowing activity has seen renewed vigor, potentially signaling anticipation of an imminent market breakout.
Further bolstering the bullish BTC narrative is the continued accumulation by corporate treasuries.
Listed companies now hold approximately 809,100 BTC, worth nearly $85 billion, nearly doubling the amount held a year ago, driven by favorable regulatory shifts and accounting changes that allow for the recognition of bitcoin gains.
«The expectation of a continued strong bitcoin remains,» said Gabeljic.
News Roundup
$TRUMP Token Drops 9% as Musk-Trump Feud, Family Crypto Clash Spook Investors
The presidential-themed $TRUMP memecoin fell 9.3% on Thursday, significantly underperforming the broader crypto market as tracked by the CoinDesk 20, an index covering the largest digital assets, which declined 5%.
The token’s sharp downturn followed a heated public exchange between President Donald Trump and Elon Musk, sparked by disagreements over Trump’s proposed “Big, Beautiful Bill” and its impact on national debt, CoinDesk previously reported.
The argument escalated quickly, with Musk threatening to ground SpaceX’s Dragon spacecraft and Trump countering by suggesting the government might sever contracts with Musk-led enterprises.
Further pressure on the memecoin came after its newly launched crypto wallet, created in partnership with NFT marketplace Magic Eden, went offline following a cease-and-desist from another Trump-affiliated crypto venture.
Trump’s sons publicly distanced themselves from the memecoin project, highlighting their involvement in a separate Ethereum-based DeFi initiative, World Liberty Financial. The internal branding clash added another layer of uncertainty, amplifying investor concerns and weighing heavily on the token’s price.
CRCL Soars on First Day of Trading
Circle (CRCL) shares soared 167% on their first day of trading, closing at $83 after pricing its IPO at $31, briefly hitting an intraday peak of $104. The surge recalls Coinbase’s volatile 2021 IPO, which similarly started strong but rapidly lost momentum, raising caution among investors about long-term stability.
The jump in Circle’s stock price came amid a modest uptick in stablecoin market activity. Trading volume for Circle’s USDC rose 22% over the past 24 hours, while market leader Tether’s USDT saw volume increase by 13%. Despite the bullish debut, the coming weeks will test Circle’s staying power as investors assess whether enthusiasm around stablecoin infrastructure translates into sustained stock performance.
U.S. Treasury Sanctions Philippines Firm Linked to $200M ‘Pig Butchering’ Crypto Scams
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Philippines-based tech firm Funnull Technology Inc. and its administrator, Liu Lizhi, for facilitating «pig butchering» crypto scams responsible for over $200 million in losses from U.S. victims, CoinDesk previously reported.
OFAC accused Funnull Technology of providing digital infrastructure, such as IP addresses and domains, used by cybercriminals to host hundreds of thousands of scam websites designed to deceive victims into fraudulent crypto investments.
«Pig butchering» refers to elaborate crypto scams that groom victims over time, often beginning through unsolicited messages and fake romantic overtures, before convincing them to invest significant sums. With these sanctions, OFAC prohibits any U.S. persons from engaging in transactions with Funnull or Liu, aiming to disrupt the networks enabling these extensive cyber scams and to safeguard investors in the digital asset ecosystem.
Market Movements:
- BTC: Bitcoin dropped nearly 4% to test the $100K support level before rebounding above $101.5K, as high-volume selling and major exchange outflows signaled growing market stress amid weakening retail activity.
- ETH: Ethereum dropped 4% after repeatedly failing to surpass the critical $2,640 resistance level, despite increased institutional buying and notable whale accumulation of over $285 million in ETH.
- Gold: Gold edged higher to $3,363.58 in early Asian trading amid weak U.S. economic data and signs of easing U.S.-China tensions, as the Gold-Silver Ratio surged past 100—a rare signal historically linked to outsized silver returns.
- Nikkei 225: Asia-Pacific markets opened higher, with Japan’s Nikkei 225 up 0.14%, after a positive 90-minute call between U.S. President Trump and China’s Xi Jinping set the stage for resumed trade negotiations.
- S&P 500: U.S. stock futures flatlined as a public feud between President Trump and Tesla CEO Elon Musk added uncertainty to market sentiment.
Elsewhere in Crypto:
Uncategorized
Bitcoin Holds Above $105K Despite Donald Trump’s Threats Against Elon Musk

Bitcoin BTC held firm above $105,000 on Saturday despite an unusually combative and personal escalation in the Trump-Musk feud that could rattle traditional markets next week.
On Saturday, in a phone interview with NBC News, President Trump warned that there would be “serious consequences” if Elon Musk financially backed Democratic candidates running against Republicans who support the GOP’s budget bill. “If he does, he’ll have to pay the consequences for that,” Trump said, adding later, “He’ll have to pay very serious consequences if he does that.”
Trump, who has often boasted of past support from Musk, firmly dismissed the idea of mending ties. “No,” he said when asked whether he wished to repair the relationship. “I would assume so, yeah,” he added when asked if the rift was permanent.
Despite the intensifying feud between two of the most influential figures in U.S. politics and technology, Bitcoin remained unfazed. The cryptocurrency held onto earlier gains and continues to trade near weekly highs. The market’s composure suggests that traders may increasingly view BTC as a hedge against institutional dysfunction, or at least as an asset insulated from the partisan fallout that tends to impact equities more directly.
Technical Analysis Highlights
- BTC traded in a 24-hour range of $1,162 (1.13%), from a low of $104,624 to a high of $105,786, according to CoinDesk Research’s technical analysis model.
- Strong support formed at $104,800, where above-average volume confirmed buyer interest.
- Resistance at $105,200 was broken and has since flipped into a short-term support zone.
- Volume peaked at 378 BTC during key breakout moments, especially around 13:43–13:46 and 13:53.
- A short consolidation occurred between $104,300–$104,600 before the final surge to near highs.
- An ascending price channel remains intact, showing bullish structure despite intermittent pullbacks.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility.
The rally follows a higher low formation backed by above-average volume, signaling growing market confidence.
Institutional participation appears to be reinforcing the trend, with BlackRock’s ETHA ETF reporting $492 million in net inflows last week.
Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments.
Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range.
Technical Analysis Highlights
- ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41.
- A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours.
- Final hour surge reached $2,515.11, backed by 5,919 ETH in volume.
- Higher low structure established with interim support at $2,485 and resistance at $2,503.
- Final retracement held support at $2,507, with price consolidating around $2,510 into the close.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Coinbase, BiT Global End Legal Fight Over WBTC Delisting

Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.
According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.
BiT Global had filed the lawsuit last year in the Northern District of California after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”
Sun became affiliated with wBTC in August last year through a partnership, prompting Coinbase to question BiT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless been supporting the token, with World Liberty Financial dropping its cbBTC for wBTC after he joined as an advisor.
The suit alleged the exchange’s decision was unjustified and harmed the token’s liquidity and reputation while favoring Coinbase’s competing asset cbBTC. Coinbase launched cbBTC just two months before announcing it was delisting wBTC.
The dismissal does not disclose any settlement terms beyond the cost arrangement.
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