Bitcoin is in position for a rebound toward $124,500 in September, even as history brands the month as one of its weakest. Key takeaways: Bitcoin may avoid a big September drop and could aim for new highs soon. A weaker dollar and Fed rate cuts can be significant tailwinds for BTC price. Read more
California Governor Gavin Newsom says his planned memecoin is meant to expose the absurdity of Trump’s crypto ventures. California Governor Gavin Newsom has teased plans to launch a “Trump Corruption Coin” as a direct response to Donald Trump’s controversial involvement in crypto, especially through memecoins. Speaking on the “Pivot” podcast, Newsom, a Democrat, said the planned memecoin, named explicitly after Trump’s alleged scandals, is part of his broader “Campaign for Democracy” initiative, with proceeds from the coin going toward redistricting efforts and voter outreach. “We’re about to put a meme coin out,” Newsom said during the interview. “And you know what, Donald Trump? We’ll see how well your coin does versus our coin.” When asked if it would be called a “Gavin Coin,” the governor replied: “No, it’s Trump Corruption Coin.” Read more
Metaplanet’s stock has plunged 54% since mid-June, forcing the Tokyo-listed firm to seek alternative fundraising as its share-based “flywheel” falters. Metaplanet, the Tokyo-listed firm aggressively accumulating Bitcoin, is facing mounting pressure as its share price tumbles, threatening the fundraising model it has used to build one of the largest corporate Bitcoin treasuries globally. The company’s stock has dropped 54% since mid-June, despite Bitcoin (BTC) gaining around 2% during the same period. The decline has put its capital-raising “flywheel” under stress, a mechanism dependent on rising share prices to unlock funding through MS warrants issued to Evo Fund, its key investor. With shares down sharply, exercising these warrants is no longer attractive for Evo, squeezing Metaplanet’s liquidity and slowing its Bitcoin acquisition strategy, according to a Sunday report by Bloomberg. Read more
Buy the dip mentions on social media are climbing as Bitcoin falls, which could be a sign the market hasn’t bottomed yet, Santiment says. The rising number of “buy the dip” calls on social media following Bitcoin’s 5% decline over the past week could signal more downside ahead for the crypto market, sentiment platform Santiment says. “Clearly, overall, in the markets, people are getting antsy and trying to find some entry spots now that prices have cooled down a bit,” Santiment analyst Brian Quinlivan said in a video published on YouTube on Saturday. Santiment said in a separate report published on the same day that social media mentions of “buy the dip” have increased significantly amid the crypto market downturn, which may be a warning sign for the market. Read more
A Bitcoin adviser says Bitcoin could reach as high as $10 million, and people will still be saying, “It can’t go any higher, right?” Skepticism over Bitcoin’s ability to rise further has followed the asset for years, and will likely continue even if the price reaches into the millions, according to a Bitcoin adviser. “I think it’s going to be that way for a very long time,” The Bitcoin Adviser’s Luke Broyles told Natalie Brunell on the Coin Stories podcast on Friday. “I think Bitcoin will be at $5 million, $10 million or more, and people will still be saying, Yeah, well it’s 8% of world assets now. It can’t go any higher, right?” he added. Read more