Bitcoin price today: Biggest cryptocurrency BTC nears $112,000-mark, latest forecast by experts are out
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Bitcoin (BTC) on Thursday pushed to an all-time high, partly as investors sought out alternatives to U.S. assets. Bitcoin climbed as high as $111,862.98, a fresh all-time peak and a 3.3 per cent increase from Wednesday's close. Cryptocurrency and blockchain-related stocks jumped as bitcoin, the world's biggest cryptocurrency, climbed to a record high."Bitcoin is fast approaching $112,000 and trading at a new record as hopes increase that stablecoin regulation will soon pass after the advancement of legislation yesterday," said Jim Reid, global head of macro and thematic research at Deutsche Bank in a note."The U.S. debt instability has probably helped too," Reid said.Exchange operator Coinbase advanced 2.5 per cent, bitcoin stockpiler Strategy gained 1.4 per cent and crypto miners including MARA Holdings added 4 per cent.Since the $TRUMP meme coin launched in January, the profits have favored big investors: more than 60 large wallets have profited close to $1.5 billion, with $48 million in profits occurring after Trump posted about the contest on social media, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps, as of May 8.Meanwhile, about 600,000 other smaller wallets have lost $3.87 billion so far, with $117 million of the losses occurring after the dinner announcement.A1. World's most popular cryptocurrency is Bitcoin.A2. Bitcoin climbed as high as $111,862.98, a fresh all-time peak and a 3.3 per cent increase from Wednesday's close.
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Indian Express
19 minutes ago
- Indian Express
Trump vs Musk: Call the breakup poetic justice. Call it karmic crypto-collapse. Just don't call it surprising
Some alliances hum like clockwork. Others tick like time bombs. This one? It was always a countdown. When two men believe the world revolves around them, it's only a matter of time before their orbits collide. And when they do, the explosion isn't quiet. Rather, it's a full-blown Twitter meltdown with echoes loud enough to rattle both Wall Street and Mar-a-Lago. And boy, we are watching the best cosmic collision since Pluto got downgraded. Welcome to the spectacular implosion of the Trump–Musk bromance. What began as a mutual admiration society of billionaire chest-thumping and red-hat flirting has now devolved into the kind of public breakup even the Real Housewives would find a bit too messy. Let's rewind. Once upon a time, in the golden age of post-truth politics, Elon Musk, the tech messiah, meme lord, and part-time Mars enthusiast, decided to dip his toes into political kingmaking. A neat little $277 million was funnelled into the Donald Trump campaign machinery. In any other part of the world, this would be called oligarchic meddling. In the United States, it's called 'Super Tuesday'. Trump, ever the transactional romantic, reciprocated by giving Musk a cosy seat at the regulatory table named DOGE, where he could quietly dismantle watchdogs, neuter climate policies, and make capitalism great again (for Tesla stock). Love was in the air. Or maybe, it was just the fumes from Musk's Boring Company flamethrowers. But like all ill-fated love stories, this one came with red flags. Musk's reputation, once burnished with visions of space colonies and clean energy, began to crumble under the weight of layoffs, lawsuits, and livestreamed tantrums. Turns out, being the adult in the room is hard when you're too busy rebranding Twitter into an unpronounceable algebra problem. Enter phase two: Reputation rehab. Suddenly, Musk was 'distancing' himself from the Trump administration. He quit councils, tweeted vaguely progressive things, and flirted with the idea of centrism, all while pretending he hadn't spent the past four years quietly enjoying deregulation like a raccoon in a trash buffet. But this Thursday? The façade shattered. In a tweet that will one day be studied in both communications courses and FBI depositions, Musk posted: 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files.' He even had the gall to add: 'Have a nice day, DJT!' That wasn't a mic drop. That was a nuke in 280 characters. And let's be honest: If anyone was going to try to cancel someone else using Jeffrey Epstein, it was always likely to be Musk. Trump, unsurprisingly, didn't take it well. His reply was less subtle than a red tie in a wind tunnel: Musk is 'crazy,' and perhaps more worryingly for SpaceX investors, he threatened to cut off government contracts. Suddenly, two men who once shared bromantic photo ops and mutual disdain for accountability were hurling legal threats across a billion-dollar battlefield. Kanye West (of course) tried to play counsellor, tweeting something along the lines of 'bros don't fight, we love you both'. Unfortunately, love is dead and so is Kanye's credibility. And yet… are we really witnessing the final act? Let's not forget: Trump has made up with worse. Just ask Marco 'sweaty little man' Rubio or Ted 'your wife is ugly' Cruz. With Trump, personal insults are just foreplay. It's politics as WWE: Everyone's bleeding, but it's still part of the script. Still, there's something deliciously different this time. This feud doesn't feel like kayfabe. It feels real. Real messy. Real vindictive. Real stupid. And that makes it… kind of beautiful? Because if 2025 is going to be yet another parade of rich men yelling into microphones about how oppressed they are, the least we can ask for is a little entertainment. Preferably the kind that ends in lawsuits and meme wars. So, grab your popcorn. Watch the world's richest man implode on the platform he owns, while being roasted by the guy he helped elect. Call it poetic justice. Call it karmic crypto-collapse. Call it what you will. Just don't call it surprising. After all, in the immortal words of the internet, 'This you?'
Time of India
20 minutes ago
- Time of India
Musk-Trump breakup exposes cracks in Wall Street's meme casino
Live Events Bloomberg You Might Also Like: Musk-Trump breakup puts billions in SpaceX contracts at risk, jolting US space program Bloomberg It took less than a day for the great Donald Trump-Elon Musk split to reshape debates over billionaire power and influence in American another level, the breakup was a reminder of something else: the perils of personality-driven investing, a growing and lucrative business for the Wall Street bankers cranking out, rapid-fire, a never-ending array of new financial products. Few have done more to fuel these gambling spirits than the president and the world's richest a matter of hours, a loosely connected web of Musk-linked trades — and a few tied to Trump — cratered as the public feud escalated. Dogecoin sank 10%; a publicly traded fund dangling SpaceX exploration for retail consumption slid 13%; leveraged bets amping up returns on Musk-related ventures lost a quarter of their value or more. Shares of Trump's media company spat — ignited by the deficit-expanding tax bill threatening Tesla's electric-vehicle subsidies — cooled on Friday and asset valuations steadied. But by then, investors had gotten the message loud and clear. 'You can go from being an incredible beneficiary one moment and then being bludgeoned the next,' said Peter Atwater, founder of Financial Insyghts. 'Anytime you are investing in something that is as crowded as these Elon Musk-related vehicles, you are going to be either the beneficiary or the victim of his standing.'The breakup drama was backdrop to a comparatively sleepy week in regular markets. The S&P 500 ended the week 1.5% higher, while the extended FANG index — which doesn't include Tesla — hit a record. The dollar touched its lowest level in about two years. Ten-year Treasury yields jumped more than 10 basis points this week, as Friday's jobs data eased concerns about an imminent economic for the casino crowd on Thursday, things got ugly. These investors aren't just trading stocks or crypto, they're paying for proximity to dominant personalities. Tesla is a financial avatar for Musk's ambitions. Trump's political resurgence reverberates across his media company, his fast-expanding crypto empire and MAGA-theme products across the broader industry. Each post, endorsement and headline is a chance to pull capital into the retail investment hasn't just drawn in risk junkies — it's built an entire product architecture, from speculative bets to more conventional funds tied to the fortunes of billionaire Musk. Vehicles like Baron Partners Fund and the Ark Innovation ETF got caught up in the selloff before markets rebounded on sharp rout — its worst week since 2023 — was fueled by projections that the company faces a $1 billion hit to full-year profit, if it loses a tax credit from Trump's bill. Meanwhile, the president's businesses pushed deeper into the financial ecosystem. His media company was one step closer to launching the Truth Social Bitcoin ETF, the latest in a string of crypto-linked assets and 'MAGA'-themed investment those with the nerve to dive into the newfangled, the gains have been eye-popping at times. A closed-end fund with Space-X exposure, Destiny Tech100 Inc., surged about 500% in just a month after the Nov. 5 election. Dogecoin went from 15 cents to above 43 cents in November, when Ark surged by 26% in less than two spirits have run high since the pandemic but soared anew after Trump buddied up with Musk on the campaign trail and won the White House, backed by the $250 million the Tesla founder spent on the meme ethos was cemented when Musk's program to cut government spending took its name from a crypto token born as a canine-themed joke.'I put him in the separate category of the Zeus of personality cults, beyond anything that has ever happened,' said Jay Hatfield, CEO of Infrastructure Capital Management. 'We've never had anybody running a major company like him.'The result has been a speculative spasm that, until this week, was often insulated from old-school markets convulsed by Trump's on-again-off-again tariff threats. An element of the craze that infuriates Wall Street's old guard — the near-impossibility of forming a valuation case around things like crypto tokens and public vehicles for private holdings — proved a virtue at a time of rampant economic uncertainty.'Retail traders — the bro trade component of retail — they've never really cared much about fundamentals,' said Dave Mazza, Chief Executive Officer at Roundhill Investments who in February launched a Tesla-focused product. 'These folks really believe in the narrative on stocks like Tesla and Palantir Technologies Inc. Some of these names are really dependent upon a dream premium and not what they actually do for business.'Another case in point: 16% of ETFs launched this year offer single-security strategies that use either leverage or options overlay, according to Bloomberg Intelligence's Athanasios Psarofagis. That's a record. Many target retail investors who trade aggressively, take on higher risk, and use them for dip buying.'The rise of degen leverage and derivative products on the highest profile stocks makes a mockery of the idea that the market is 'allocating capital' in any rational way,' says Dave Nadig, an ETF industry expert. 'It's immensely profitable. That's why very few people are even suggesting there are any issues in ETF land.'
Time of India
20 minutes ago
- Time of India
Musk vs Trump: Elon Musk fan Ian Miles Cheon asks him to move space program to UAE
Image generated by AI for creative and illustrative purposes only There's always one tweet that distills geopolitical fantasy into 280 characters. This time, it came from Elon Musk loyalist Ian Miles Cheong: 'Elon Musk should simply move his entire SpaceX operation to the United Arab Emirates. The UAE stands at the forefront of technological progress and mankind's ascent to the stars.' The idea sounds far-fetched. But it also speaks to something very real: the UAE's growing ambition to become a serious player in the global space race, just as Musk finds himself increasingly disillusioned with Washington, and estranged from his on-again-off-again political ally, Donald Trump. A Rift at the Edge of Orbit The Musk–Trump relationship, once a spectacle of anti-establishment synergy, has hit turbulence. Musk, long the poster boy for public-private innovation, turned sharply against Trump's latest bloated federal spending bill, calling it a 'disgusting abomination.' Trump, ever retaliatory, suggested the US could save 'billions' by cutting off Musk's federal contracts. In MAGA-speak, that's a declaration of war. As Tesla and X stocks tanked, erasing over $150 billion in market value, Musk threatened to decommission the Dragon capsule, the spacecraft that connects Earth to the International Space Station. That post came just minutes after Trump floated cancelling SpaceX subsidies. For a brief moment, the world's most influential entrepreneur looked ready to break orbit, not just from Earth, but from America. That's when the UAE entered the chat. A Desert with Dreams of the Stars While the Musk-Trump bromance combusts on X, the United Arab Emirates has been quietly, and not so quietly, building the infrastructure of a spacefaring nation. The Mohammed bin Rashid Space Centre (MBRSC) in Dubai is now home to a replica Falcon 9 booster, a symbolic tribute to Musk's engineering triumph. In 2020, the UAE launched its Hope probe to Mars, making it the first Arab nation to embark on an interplanetary mission. It reached Martian orbit in 2021. Unlike many space programs that began with Cold War posturing, the UAE's ambitions are rooted in a long-term economic and technological vision. Its Mars 2117 project imagines a human settlement on the Red Planet within a century. The country has invested heavily in satellite tech, astronaut training (two UAE astronauts have now flown to space), and international partnerships with NASA , Roscosmos, and JAXA. And most crucially, it has money. Oil money. Sovereign wealth fund money. The kind of money that could theoretically bankroll a massive SpaceX relocation, if only US export laws allowed it. Reality Check: Can Musk Really Move? While the fantasy of a SpaceX launch site in Abu Dhabi sparks excitement, it hits a hard wall named ITAR, the International Traffic in Arms Regulations. Aerospace technology like Falcon rockets and Dragon capsules is tightly controlled by the US government, especially because of SpaceX's work with NASA and the Pentagon. Relocating operations overseas would require navigating a minefield of national security laws, intellectual property battles, and contract obligations. Then there's the infrastructure: SpaceX's launch pads in Florida and Texas, its Starlink deployment network, and its deep entanglement with the US military-industrial complex. Even for someone as unpredictable as Musk, uprooting an entire space ecosystem is more fever dream than flight plan. But what is serious, and worth watching, is how quickly the idea caught fire. Because when powerful partnerships fall apart, when the emperor of disruption turns on the emperor of MAGA, imagination fills the vacuum. And the UAE, with its deep pockets and deeper ambitions, is perfectly poised to be the world's favourite hypothetical. A Marriage of Convenience, Deorbited The collapse of the Musk-Trump dynamic is more than just a tech billionaire breaking up with a former President. It symbolises the end of a political alliance that once seemed like the future of American populism. Musk was the brains, Trump the brawn. Their combined disdain for bureaucracy made them the heroes of a Silicon Valley–meets–Talk Radio voter base. But now? Trump accuses Musk of 'losing it' after his subsidies began to vanish. Musk retaliates by quoting House Republicans and teasing a centrist third party. Their shared fantasy of dismantling the 'deep state' has devolved into petty poll wars and social media jabs. And in that vacuum, the UAE has emerged, not as a saviour, but as a symbol of what a forward-looking, well-funded, and ideologically agnostic space agenda might look like. Between Hope and Hype The truth is, Elon Musk isn't moving to the Emirates anytime soon. But the fact that people think he could is a testament to what the UAE has managed to build, credibility. In the span of two decades, it has gone from oil-rich sandbox to serious contender in the celestial stakes. Its universities are training aerospace engineers. Its astronauts are flying with NASA. Its space centre has a waiting list for international collaborations. So, while the Dragon capsule remains on US soil, the battle for the future of space may not be limited to the US, Russia, and China anymore. The UAE is still in the early innings, but it's playing to win. And as for Musk and Trump? Their Cold War is far from over. But in the echoes of that fallout, a new contender has quietly entered the arena, bathed in desert light, aiming for the stars.
