💣 Trump vs. Musk Showdown — Could It Drag Bitcoin Down to $100K?
Bitcoin briefly fell below $102,000 Friday, while futures market long liquidations exceeded $300 million.
On-chain data reveals Bitcoin dealers made $23 billion this week, indicating selling pressure.
JPMorgan sources said the bank will take BTC ETFs as loan collateral.
Bullish factors like Strategy's STRD stock IPO to generate over $100 million to acquire BTC fail to boost BTC.
Bitcoin fell to $101,095 on Friday amid market turbulence. The NASDAQ and Tesla's stock prices fell on Thursday due to the dispute between US President Donald Trump and Tesla CEO Elon Musk, but they recovered on Friday. The spat may have contributed to the 4% drop in crypto market valuation in 24 hours.
Santiment data shows bitcoin holders made $23 billion between June 2 and 5. The BTC price drop matches the significant positive Network Realized Profit/Loss rise.
Coinglass derivatives data indicates $305 million in long bets liquidated in the previous 24 hours and $41 million in short positions. The long/short ratio is 0.91, comparing bullish and bearish bets. A number below one indicates more negative bets, supporting price decrease.
JPMorgan insiders say Bitcoin ETF can get loans.
JPMorgan officials told Bloomberg on June 4 that the bank would provide Bitcoin ETF backed loans.
According to the statement, Strategy launched its Stride Preferred Stock (STRD) IPO to generate $979.7 million for operating capital and Bitcoin acquisition.
Bullish developments failed to boost BTC price, as the biggest coin continued its consolidation.
Bitcoin may retest $100,000.
Bitcoin is stabilizing around $106,000 against resistance. The BTC/USDT daily price chart suggests an almost 4% decline and a retest of $100,000, a crucial crypto support level.
After a roughly 3% advance, BTC may test resistance around $106,794, the upper Fair Value Gap (FVG) on the BTC/USDT daily price chart.
#TrumpVsMusk #MarketPullback #BlackRockETHPurchase #SaylorBTCPurchase #TrumpTariffs $BTC $ETH $BNB
Plasma token sale — what you need to know 💰
Plasma is a new blockchain purpose-built for stablecoins. Backed by the CEO of Tether, the project aims to solve key problems existing chains can’t: high fees, failed transactions, and centralization.
🤑 If stablecoins are going to scale, they need infrastructure built around them — not retrofitted. That’s the angle here.
The $XPL token sale is happening through Sonar, a new launchpad. How the sale works (FAQ):
⏺ Sale starts June 9 at 13:00 UTC on this page
⏺ 10% of XPL supply is being sold at a $500M valuation
⏺ You deposit stablecoins into a vault on Ethereum
⏺ The vault cap is fixed at $250M, and the per-wallet deposit limit is $50M. You can withdraw during the deposit phase, but doing so reduces your points
⏺ After the deposit period, you’ll need to re-commit stablecoins during the public sale. Vault deposits are not used automatically to buy tokens. If you don’t commit, you won’t get any XPL
⏺ After the sale, your stablecoins are bridged to Plasma Mainnet Beta
⏺KYC is required (done via Sonar/Echo)
This sale will likely be oversubscribed. If the vault ends up 5x full, a $5K deposit might translate to ~$1K in guaranteed allocation — assuming early entry and full-time participation 🤔
It’s rare to see a new chain launch focused only on stablecoins — with real backing, real product focus, and a massive TAM. If they even take a small slice of USDT volume from Tron, the upside could be big.
🤔 Plasma is selling tokens at a $500 million valuation, nearly 55 times cheaper than Tron current MC. The Tron chain is valued at $26.4 billion, yet its only real use case is to handle USDT transfers 🔗
Let me know if you’re joining or sitting this one out 💬
$BTC
{future}(BTCUSDT)
$BNB
{future}(BNBUSDT)
$SOL
Whether we like it or not, the past few years and this cycle, altcoins have only been able to run when Bitcoin has been smashing new highs rapidly.
Not when it's been dropping, not when it has been ranging and not when it has been reclaiming a prior local high.
ONLY when it has confidentially broke prior local highs and surged above and beyond.
What does that mean today?
That again, whether we like it or not, alts will only get decent exposure once Bitcoin breaks above $110k WITH CONFIDENCE (not small and shallow breaks).
Does it always have to be that way? No, something needs to change (significant narratives or catalysts like risk-on season with QE or other factors).
When it does it can switch up the current model like we have done before in the past.
But right now this is the way it is for alts.