Bitcoin Retreats to $121.5K on Dollar Strength, Binance Debuts ‘Meme Rush’

Bitcoin Dips to $121.5K as Dollar Strengthens; 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 crypto markets. At the same time, Binance launched its Meme Rush platform, targeting growing Chinese-language memecoin speculation.

The decline coincided with flat-to-negative trading in European equities, reflecting broader market caution. JP Morgan CEO Jamie Dimon also warned that a significant stock market correction could be coming in the months ahead.

Meanwhile, Arthur Hayes, chief investment officer at Maelstrom Fund, said that Bitcoin’s traditional four-year halving cycles are effectively over, with expanding global fiat liquidity expected to sustain the crypto bull market.

“The global liquidity cycle is clearly shifting from tightening to easing,” said Timothy Misir, head of research at BRN. “Markets now price a 90% probability of a Fed cut in October, followed by another in December. In Europe, the ECB’s balance sheet has grown for the first time in eight months, and China’s PBoC injected a record 1.2 trillion yuan last week to support credit markets.”

Misir added that such macro conditions have historically supported risk assets, including Bitcoin, contributing to bull cycles.