As trading begins in Asia, Bitcoin (BTC) is priced at over $101.5K, reflecting strong market confidence amid tariff uncertainties attributed to the Trump administration. Semir Gabeljic, director of capital formation at Pythagoras Investments, notes that traders remain optimistic, eyeing a potential climb to $120K by year-end, fueled by robust corporate buying and reduced price fluctuations. "Despite some volatility from tariff news, Bitcoin is relatively strong compared to other digital currencies," Gabeljic stated in an email to CoinDesk.
Gabeljic highlights the ongoing bullish sentiment, with Polymarket predicting a 69% chance that Bitcoin will hit the $120K mark before the year's end. Market maker FlowDesk supports this outlook, remarking that the market is poised for a breakout while observing ongoing shifts from Bitcoin to altcoins. The firm also pointed out a slight decrease in Bitcoin funding rates across major exchanges, suggesting reduced leverage amid cautious trading.
Nevertheless, on-chain borrowing is rising, indicating that traders may be preparing for significant price movements. Corporate treasuries continue to accumulate Bitcoin, holding about 809,100 BTC, valued at around $85 billion, which has nearly doubled since the previous year. This accumulation trend is further encouraged by favorable regulatory changes that facilitate the recognition of Bitcoin gains.
The news cycle also brings attention to the $TRUMP token, which has seen a 9% decline amidst political strife between Trump and Musk—adding another layer of uncertainty to the market. Moreover, Circle's shares skyrocketed 167% on its IPO, the reaction echoing the volatility witnessed during Coinbase's IPO in 2021.
In regulatory news, the U.S. Treasury sanctioned Funnull Technology in connection with significant scams involving over $200 million, aiming to combat cybercrime in the crypto space.
Bitcoin's recent performance sees drops nearing 4%, but it quickly rebounds above the pivotal $101.5K mark. Other assets like Ethereum have reflected similar downward pressure yet show signs of institutional interest. Overall market trends remain closely tethered to external economic narratives alongside ongoing behavioral shifts within the crypto community.
Gabeljic highlights the ongoing bullish sentiment, with Polymarket predicting a 69% chance that Bitcoin will hit the $120K mark before the year's end. Market maker FlowDesk supports this outlook, remarking that the market is poised for a breakout while observing ongoing shifts from Bitcoin to altcoins. The firm also pointed out a slight decrease in Bitcoin funding rates across major exchanges, suggesting reduced leverage amid cautious trading.
Nevertheless, on-chain borrowing is rising, indicating that traders may be preparing for significant price movements. Corporate treasuries continue to accumulate Bitcoin, holding about 809,100 BTC, valued at around $85 billion, which has nearly doubled since the previous year. This accumulation trend is further encouraged by favorable regulatory changes that facilitate the recognition of Bitcoin gains.
The news cycle also brings attention to the $TRUMP token, which has seen a 9% decline amidst political strife between Trump and Musk—adding another layer of uncertainty to the market. Moreover, Circle's shares skyrocketed 167% on its IPO, the reaction echoing the volatility witnessed during Coinbase's IPO in 2021.
In regulatory news, the U.S. Treasury sanctioned Funnull Technology in connection with significant scams involving over $200 million, aiming to combat cybercrime in the crypto space.
Bitcoin's recent performance sees drops nearing 4%, but it quickly rebounds above the pivotal $101.5K mark. Other assets like Ethereum have reflected similar downward pressure yet show signs of institutional interest. Overall market trends remain closely tethered to external economic narratives alongside ongoing behavioral shifts within the crypto community.
