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- Bitcoin Hits 10-Day High as Analysts Warn of Tech Bubble Risk; Trump’s Top Crypto Advisor Resigns
Bitcoin Hits 10-Day High as Analysts Warn of Tech Bubble Risk; Trump’s Top Crypto Advisor Resigns
Bitcoin climbs above $118K alongside Chainlink gains, but economists warn a Nasdaq crash could drag crypto down. Meanwhile, Trump’s top crypto policy chief departs after advancing plans for a national Bitcoin reserve.
Joe G & Money Talks
August 10, 2025 • Estimated Reading Time: 3 minutes
What we will talk about today...
Bitcoin Breaks $118K, Chainlink Surges 7%
Economist Warns Nasdaq Crash Could ‘Crater Bitcoin’
Trump’s Top Crypto Advisor Bo Hines Steps Down
Bitcoin’s steady rise pushed it to a 10-day high of $118,500, with market dominance at 58.4%. LINK led altcoin gains, climbing above $22.
BTC peak: $118,500, up 1% on the day.
LINK rally: 7% jump to $22, topping large-cap alt performers.
Market cap: Crypto market holds above $4T.
“Bulls were persistent… helping BTC breach the $118,000 line.”
Jordan Lyanchev
Economist Warns Nasdaq Crash Could ‘Crater Bitcoin’
Henrik Zeberg says Bitcoin is no safe haven, calling it a high-risk asset tied to tech stocks and vulnerable to the “Tech Bubble 2” burst.
#BTC is not a "special asset". It is a Risk Asset. In fact, a highly Risk-prone asset.
#Nasdaq is in a major Bubble. A crash to 2022-level would imply the Market Cap. to GDP would still be above 2007-Bubble Level.
BTC and Nasdaq move in alignment. Makes sense. They are
— Henrik Zeberg (@HenrikZeberg)
1:13 PM • Aug 9, 2025
High correlation: BTC and Nasdaq move in near lockstep.
Bubble risk: Market cap-to-GDP ratio at 226%, exceeding 2007 crisis levels.
Recession link: Zeberg expects the bubble top to align with a downturn.
“A crash in Nasdaq as the bubble bursts, will crater BTC.”
Henrik Zeberg
Bo Hines resigns after eight months as Executive Director of the White House Crypto Council, returning to the private sector but vowing continued support for crypto.
Thank you @BoHines for doing an amazing job with the first ever Crypto Council. Huge accomplishments with the Crypto Summit, Genius Act, and Digital Assets Report. As you pursue your next chapter, I look forward to being able to draw on your expertise and advice.
— David Sacks (@davidsacks47)
9:40 PM • Aug 9, 2025
Serving in President Trump’s administration and working alongside our brilliant AI & Crypto Czar @DavidSacks as Executive Director of the White House Crypto Council has been the honor of a lifetime. Together, we have positioned America as the crypto capital of the world. I’m
— Bo Hines (@BoHines)
8:39 PM • Aug 9, 2025
Policy push: Advanced national Bitcoin reserve and pro-innovation agenda.
Major wins: Oversaw Crypto Summit, Genius Act, and Digital Assets Report.
Next in line: Deputy Patrick Witt to succeed Hines.
“Thank you… huge accomplishments with the Crypto Summit, Genius Act, and Digital Assets Report.”
David Sacks
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