Bitcoin Steadies Above $101K Amid Trade Jitters; $TRUMP Token Slides on Political Fallout
Asia Market Brief – June 6, 2025
Bitcoin holds firm at $101,500 as Asia opens, showing resilience despite renewed trade tension from unexpected Trump-era tariff proposals. Traders remain confident in the broader uptrend, with targets pointing to $120,000 by year-end.
“Volatility remains contained relative to other risk assets,” said Semir Gabeljic of Pythagoras Investments. “BTC sentiment is still overwhelmingly bullish, especially among institutional desks.”
Betting markets reflect that optimism — with a 69% probability priced in for BTC to hit $120K in 2025. FlowDesk reports a reduction in perpetual funding rates but a concurrent rise in on-chain borrowing — a potential signal of leveraged spot buildup ahead of a breakout.
Corporate adoption continues to surge, with publicly listed firms now holding over 809,000 BTC, nearly twice last year’s total. Analysts attribute the trend to evolving accounting standards and greater regulatory certainty in key jurisdictions.
$TRUMP Token Dives 9% After Musk Feud, Wallet Shutdown
The $TRUMP token plummeted 9.3% following a dramatic clash between President Donald Trump and Elon Musk. The spat, centered on economic policy and federal funding for Musk’s ventures, spooked retail investors.
Further damage came as a new $TRUMP wallet, developed with Magic Eden, was abruptly shut down after legal pressure from a rival Trump-branded crypto entity. Conflicting family endorsements added to the confusion, with Trump’s sons promoting a different DeFi project, fracturing community sentiment.
The memecoin’s decline starkly contrasted the broader market, with the CoinDesk 20 index slipping just 5% on the day.
Circle IPO Surges 167% on Day One
Circle (CRCL) debuted with a bang, closing its first day of trading at $83 — more than 2.5x its IPO price of $31. At its peak, shares reached $104. The stablecoin giant’s public debut comes amid renewed investor interest in crypto infrastructure plays.
USDC transaction volume jumped 22% in tandem with the IPO, while competitor Tether’s USDT saw 13% growth. Analysts caution, however, that sustainability will depend on market share gains and future regulatory direction.
U.S. Treasury Sanctions Filipino Firm for Massive Crypto Scam
OFAC has sanctioned Funnull Technology Inc. and its administrator Liu Lizhi for facilitating over $200M in crypto-related “pig butchering” scams. The scheme exploited romantic and investment lures to defraud American investors via fake crypto platforms.
The sanctions block U.S. dealings with the entities and aim to disrupt one of the largest crypto scam infrastructures uncovered to date.
Markets Snapshot
- BTC: -4.1% to $101,520 — support tested at $100K before bouncing
- ETH: -4.3% to $2,508 — resistance at $2,640 remains intact
- Gold: +0.6% to $3,363.58 — flight to safety amid weak U.S. economic prints
- Nikkei 225: +0.14% — boosted by renewed U.S.-China trade talks
- S&P Futures: Flat — political tensions between Trump and Musk weigh on sentiment
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