Share this article
Bitcoin Hammered Below $109K as Conference Indicator Strikes Again
Negative price action around the annual U.S.-based Bitcoin Conference has been well-documented, but it also appears to have applied to this week's Bitcoin Asia get-together.
Updated Aug 29, 2025, 2:35 p.m. Published Aug 29, 2025, 2:31 p.m.
Make us preferred on Google
What to know:
- Bitcoin has shown a clear pattern of poor price performance around Bitcoin Magazine's U.S.-based Bitcoin Conference.
- Similar action is being seen around that group's Bitcoin Asia conference this week.
- Bitcoin has tumbled to its lowest level since July at $108,400.
Historical data around Bitcoin Magazine's annual U.S. Bitcoin Conference has shown a clear pattern of poor price performance for bitcoin during and just after the event. The indicator didn't disappoint in 2025, with bitcoin struggling in late May/early June alongside and then following this year's Las Vegas conference.
The logic behind that price action isn't that hard to decipher: in the weeks leading up to the show, conference organizers — looking to sell tickets and generate media coverage — overhype the speakers and what are sure to be "massive" announcements.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
What follows is the usual cast of influencers, bitcoin OGs and newcomers to the sector (this year the Trumps) extolling "freedom money," "massive institutional and sovereign adoption," and "bitcoin to the moon."
How could the price do anything but dump?
Bitcoin Asia
For those not paying close attention, Bitcoin Magazine's Bitcoin Asia conference took place this week in Hong Kong.
The featured speakers included Eric Trump, CZ, Adam Back, Balaji Srinivasan and David Bailey. Among the subject matter covered — you guessed it — "freedom money," "massive institutional and sovereign adoption," and "bitcoin to the moon."
The price action: sharply lower.
At around $115,000 as attendees began arriving in Hong Kong earlier this week, bitcoin has tumbled to the current $108,400. This included about a 4% dive overnight in the U.S. (Friday in Hong Kong) as David Bailey and Eric Trump took the stage for a chat titled "Bitcoin Takes Over the World."
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.
What to know:
- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
Top Stories
