Bitcoin Eyes $120K Despite Trade Uncertainty; $TRUMP Token Hit by Political Turmoil and Tech Glitch
Asia Market Kickoff | June 6, 2025
As Asian markets open, bitcoin continues to show resilience above the $101,500 mark, shrugging off fresh political risk and economic headwinds. The broader crypto market is digesting a cocktail of bullish fundamentals, high-profile feuds, and regulatory crackdowns.
BTC Maintains Momentum Amid Tariff Uncertainty
Despite a surprise announcement of new tariffs by the Trump administration, bitcoin’s price action remains robust, holding firm above $101K. Traders remain optimistic that the leading cryptocurrency is setting up for a push toward $120,000 by year-end.
“The volatility is there, but so is the conviction,” said Semir Gabeljic, Director at Pythagoras Investments. “Traders are positioning for a late-2025 breakout, with institutional flows and corporate balance sheets doing the heavy lifting.”
On-chain data shows reduced volatility in BTC compared to altcoins, while Polymarket odds suggest a near-70% chance of BTC reaching $120K. Corporate treasuries now collectively hold over 809,100 BTC—double last year’s levels—thanks to favorable accounting shifts that let firms log unrealized gains.
Meanwhile, FlowDesk noted in a Telegram briefing that traders are rotating capital from BTC into altcoins, with Bitcoin’s funding rates cooling while on-chain borrow rates tick up—signaling speculative appetite beneath the surface.
Meme Chaos: $TRUMP Token Crashes 9% Amid Elon Feud, Branding Mess
The politically charged $TRUMP token dropped over 9% after a dramatic and public exchange between Donald Trump and Elon Musk triggered investor uncertainty. The two clashed over fiscal policy and space exploration funding, leading to speculation about future federal contracts with Musk-linked ventures.
Adding to the chaos, a wallet tied to the token—developed in collaboration with NFT platform Magic Eden—was forced offline following legal threats from a competing Trump-branded crypto effort. Trump’s sons later disavowed the memecoin, clarifying they were supporting a different DeFi protocol on Ethereum.
The token’s tumble highlights the fragility of politically themed crypto assets, especially when branding and technology intersect with real-world power struggles.
Circle’s IPO Ignites; CRCL Shares Jump 167%
Circle (CRCL), the issuer of stablecoin USDC, made a thunderous debut on the New York Stock Exchange, soaring 167% to close at $83 after opening at $31. The IPO’s performance mirrors the early enthusiasm seen during Coinbase’s listing in 2021—though analysts warn that long-term success will hinge on regulatory clarity and stablecoin market evolution.
USDC volumes surged 22% post-listing, showing renewed interest in fiat-pegged assets amid broader crypto volatility. Tether (USDT) also saw a double-digit increase in trade volumes.
Whether Circle can sustain momentum remains an open question, but its public debut underscores investor demand for stablecoin infrastructure in the maturing digital asset economy.
OFAC Sanctions $200M Pig Butchering Operation Tied to Philippine Firm
The U.S. Treasury has sanctioned Philippines-based Funnull Technology Inc. and its lead administrator Liu Lizhi for orchestrating one of the largest “pig butchering” scams to date—an elaborate social engineering scheme that drained over $200 million from American victims via fraudulent crypto investments.
Funnull reportedly supplied infrastructure such as domains and network routing to enable fake websites that lured in unsuspecting investors with romance and investment promises. The sanctions freeze assets and prohibit U.S. entities from transacting with the named individuals and companies.
Regulators hope this move sends a message as crypto-related frauds continue evolving in scope and scale.
Global Market Snapshot
- Bitcoin (BTC): -4% to $101.5K; briefly tested $100K as exchange outflows rise
- Ethereum (ETH): -4% to $2,510; capped by resistance near $2,640
- Gold: +0.7% to $3,363.58 as weak U.S. labor data stokes safe-haven demand
- Nikkei 225: +0.14% as U.S.-China dialogue resumes after Trump-Xi call
- S&P 500 Futures: Flat; investor caution grows amid political uncertainty
