Bitcoin Drops to $121.5K Amid Strong Dollar; Binance Launches Meme Rush
Bitcoin (BTC) fell to $121,500 on Thursday, reversing Wednesday’s rebound, as a stronger U.S. dollar and declining risk appetite weighed on the market. Meanwhile, Binance unveiled its Meme Rush platform, tapping into surging Chinese-language memecoin trading.
The decline came alongside flat-to-negative moves in European equities, highlighting a broader risk-off sentiment. JP Morgan CEO Jamie Dimon cautioned that a significant stock market correction could be on the horizon in the coming months.
At the same time, Arthur Hayes, chief investment officer at Maelstrom Fund, argued that Bitcoin’s four-year halving cycles are effectively over. He said that an impending surge in global fiat liquidity will continue to support the crypto bull market.
“The global liquidity cycle is shifting from tightening to easing,” noted Timothy Misir, head of research at BRN. “Markets now price a 90% chance of a Fed cut in October, with another expected in December. In Europe, the ECB’s balance sheet expanded for the first time in eight months, while China’s PBoC injected a record 1.2 trillion yuan to support credit markets.”
Misir added that such macro conditions have historically fueled risk-asset rallies, including Bitcoin bull cycles.
