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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:
Wall Street heavyweight JPMorgan (JPM) initiated coverage of stablecoin issuer Circle (CRCL) with an underweight rating and an underwhelming $80 price target.
The shares were trading 4.5% higher at around $189 at publication time.
Circle is well positioned, the bank said, and its USDC stablecoin has an «early-mover advantage,» with growing use cases in payments.
«We think highly of the Circle management team and are confident in the outlook for outsized stablecoin and USDC growth,» analysts led by Kenneth Worthington wrote.
Still, the analysts see the company’s market capitalization as elevated, and initiated coverage with an underweight rating. The stock priced at $31 a share in its initial public offering (IPO), and hit a record high of $299 last Monday.
Other Wall Street analysts were not as bearish. Broker Bernstein initiated coverage with an outperform rating and a $230 price target, saying Circle was an «investor must-hold.»
«CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships,» analysts led by Gautam Chhugani wrote.
Bernstein is also bullish about the wider stablecoin market, and expects total market cap to reach around $4 trillion in the next decade from $225 billion today.
Rival broker Canaccord Genuity started coverage of Circle with a buy rating and a $247 price target.
The firm’s analysts view the issuer of USDC as «having many of the key attributes that could make it a long-term winner in this potentially very large and new market for truly digital money.»
Read more: Circle Mania Grips South Korea as Retail Investors Pile Into Stablecoin Play
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Popular Financial Advisor Ric Edelman Says Investors Should Allocate Up to 40% of Wealth to Crypto
Prominent financial advisor Ric Edelman says investors should consider putting as much as 40% of their wealth into cryptocurrency, a bold recommendation that reflects how far digital assets have come in recent years.
“Today I am saying 40%, that’s astonishing,” Edelman told CNBC’s Crypto World on Friday. “No one has ever said such a thing.”
Edelman, founder of the Digital Assets Council of Financial Professionals, has been active in crypto for over a decade. He first urged investors to allocate part of their portfolios to bitcoin BTC in 2018. In his 2021 book “The Truth About Crypto,” he described even a 1% crypto allocation as “reasonable” for most people.
Now, Edelman believes the case for crypto exposure is far stronger, pointing to what he called a “massive change” in the industry over the past four years. In particular, he highlighted growing political support for digital assets, especially following the election of U.S. President Donald Trump.
“Today, all those questions have been resolved,” Edelman said, referring to regulatory uncertainty and institutional hesitation. “It’s radically changed and is now a mainstream asset.”
Edelman’s firm, Edelman Financial Engines, manages nearly $300 billion in assets. Though traditionally known for retirement planning and wealth management, the firm’s growing attention to digital assets mirrors a broader trend among financial institutions embracing crypto as a legitimate asset class.
Even though Edelman described crypto as the “best investment opportunity of the decade,” he acknowledged that a 40% allocation may not suit everyone, suggesting a more conservative 10% for those with lower risk tolerance.
Edelman’s recommendation marks one of the most aggressive calls from a mainstream financial figure to date. Most financial advisors in the U.S. are currently recommending well under 5% to their clients.
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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BitMine Immersion Stock Triples as It Raises $250M for Ether Treasury, Adds Thomas Lee to Board
BitMine Immersion Technologies (BMNR) has secured $250 million via a private placement of common stock and will use the funds to launch an ether (ETH) treasury.
When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH.
The financing, priced at $4.50 a share, brought together investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity placed the deal.
BitMine justified its choice of ether as a primary reserve asset saying Ethereum currently leads in stablecoin payments, tokenized assets, and decentralized financial applications.
“By having a direcT ETH treasury position, the company has access to native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network,” the company wrote.
The move also reshapes BitMine’s leadership. Fundstrat founder Thomas Lee, long known on Wall Street for his crypto research and bullishness, was newly appointed Chairman of the Board of Directors.
Lee said the round reflects “the rapid and continued convergence of traditional financial services and crypto” and set a new key performance metric for the company: ether per share.
SharpLink Gaming (SBET) is one of the few other publicly traded companies creating and ether treasury, having recently boosted it to 188,478 ETH. Most other companies creating crypto treasuries focus on bitcoin (BTC).
BitMine’s shares have more than tripled in premarket action to nearly $14.
Circle Valuation Is ‘Outside Our Comfort Zone,’ Initiate at Underweight: JPMorgan
Popular Financial Advisor Ric Edelman Says Investors Should Allocate Up to 40% of Wealth to Crypto
BitMine Immersion Stock Triples as It Raises $250M for Ether Treasury, Adds Thomas Lee to Board
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