Today in crypto, TikTok has hit back against accusations by a US representative that it purchased hundreds of millions of dollars of President Donald Trump’s memecoin, sentiment toward Bitcoin is split as the crypto market trades sideways, and Elon Musk’s X is eyeing a 2025 launch for its financial services arm.
TikTok denies TRUMP memecoin buys in reply to congressman’s accusations
Chinese social media platform TikTok denied allegations that it has made purchases of US President Donald Trump’s official memecoin.
The official TikTok Policy account took to X on Thursday to deny claims that its owners are buying the Official Trump (TRUMP) memecoin, responding to accusations by California Democratic Party Representative Brad Sherman.
Sherman had claimed that the “Chinese owners of TikTok have announced they are buying ‘Trump Coins’ for $300 million.”
“Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month,” TikTok Policy said in response to the claims.
Sherman’s remarks came amid the news that Trump had signed another executive order to delay the ban or sale of TikTok.
The latest delay marked the third postponement, giving TikTok another 90 days to find a buyer or be banned in the US, according to online reports.
Bitcoin sentiment split as crypto market trades sideways
Sentiment toward Bitcoin (BTC) is at a near-even split between those who are bullish and bearish, and attitudes toward the cryptocurrency are at a low last seen in April when Donald Trump’s global tariffs tanked global markets, according to Santiment.
Santiment marketing director Brian Quinlivan said on Thursday a social media analysis found that “there are just 1.03 bullish comments for every 1 bearish comment, which hasn’t happened since peak FUD [fear, uncertainty and doubt] during initial tariff reactions on April 6.”
He said, however, that it’s “typically a bullish sign” as markets “historically move in the opposite direction of retail’s expectations.”
Meanwhile, a poll on X by crypto analyst Matthew Hyland on Thursday found a near-even split between those who think Bitcoin will surge to an all-time high above $114,000 or again drop to $94,000.
Bitcoin has traded flat at around $104,500 over the past week, and was up just 0.2% over the last seven days as of early Friday.
Musk’s X plans payments, investment features rollout for 2025 — Report
Elon Musk’s social media platform, X, will soon integrate various financial services, enabling users to make payments and investments directly within the app.
In a recent interview with the Financial Times, X CEO Linda Yaccarino said the platform’s estimated 600 million users will eventually “be able to transact [their] whole life on the platform,” from sending money to managing investments.
The company is also considering launching an X-branded credit or debit card, potentially later this year.
X’s foray into financial services is hardly surprising, given that Musk has already confirmed beta testing for the X Money payment and banking app.
In response to a May 25 social media post, Musk said “extreme care must be taken” in the pilot phase since “people’s savings are involved.”
The official X Money account teases a 2025 launch. Yacarrino told the Financial Times that the X Money payment app would first launch in the US, calling it a “whole commerce ecosystem and a financial ecosystem.”
