Gate Daily Report | The Trump administration announces tariffs effective August 1, Musk establishes the "American Party" hinting at continued support for Bitcoin

Today (7), in the early Asian market, Bitcoin (BTC) continues the weekend rebound trend, maintaining above 109,000 USD. The Trump administration announced that tariffs will take effect on August 1, and countries can still negotiate with the U.S. before the July 9 deadline. Billionaire Musk has established the "American Party," suggesting continued support for Bitcoin, while the rift with Trump is becoming increasingly severe.

Today's Outlook

1. China's foreign exchange reserves at the end of June are ( billion USD ), with a previous value of 3285.

2. Eurozone May retail sales ( month-on-month ), previous value was 0.1%

3. The U.S. global supply chain pressure index for June is -0.19.

Macroeconomic Events & Coin Circle Hotspots

1. Major trading partners of the United States are seeking trade agreements or lobbying for more time over the weekend, while Treasury Secretary Scott Bessent stated that some countries that failed to reach an agreement before the Wednesday deadline could opt for a three-week extension for negotiations. Bessent said on CNN's "State of the Union" program on Sunday, "We will be very busy in the next 72 hours," referring to the 72 hours remaining before the government's July 9 deadline. During interviews on two programs on Sunday, Bessent hinted that the letter President Trump is prepared to send to trading partners this week is not the final decision on the direct tariff rates for each country. He indicated that tariffs would take effect on August 1, so countries that have not yet come close to reaching an agreement still have time to make offers.

2. Tesla CEO Elon Musk announced that he will establish his own political party called the "America Party," while hinting that he still supports Bitcoin. Musk pointed out that Trump increased the deficit from the already high $2 trillion during Biden's presidency to $2.5 trillion, which is the reason he decided to launch the America Party. He posted on X stating, "This will bankrupt the country." Musk expressed that he believes President Trump and the Republican politicians who won the election last year by cutting spending have betrayed the voters who hoped to control government spending.

3. The blockchain intelligence company Arkham stated that last Thursday, Bitcoin worth $8.6 billion was transferred for the first time in 14 years, but there appears to be no signs of it being sold. The agency said in a post on X on Friday: "There is no indication that this whale is selling Bitcoin." Arkham added that these eight transfers—each moving 10,000 Bitcoin from eight wallets that had not been touched for over 14 years—were likely due to the owner upgrading from the original traditional wallets to Native SegWit addresses, which reportedly improves security and reduces costs. It stated: "The $8 billion transfer yesterday may be related to the address upgrade, moving from a 1 address to a bc1q address."

Market Trend

1、$BTC continues the upward trend from the weekend, maintaining above 109,000 USD, with 33.28 million USD liquidated in the past 24 hours, mainly from short positions, and the liquidation amount underperformed compared to Ethereum ($ETH);

2. The US stock market was closed on Friday, closing up on Thursday. The Dow Jones Industrial Average rose by 344.11 points, or 0.77%, to 44,828.53 points; the S&P 500 index rose by 51.94 points, or 0.83%, to close at 6,279.35 points; the Nasdaq index rose by 207.97 points, or 1.02%, to close at 20,601.10 points.

3. In the Gate BTC/USDT liquidation map, based on the current 109,033.70 USDT, if it drops to around 107,710 USD, the total liquidation amount of long positions exceeds 98,011,700 USD; if it rises to around 109,829 USD, the total liquidation amount of short positions exceeds 80,776,900 USD. The liquidation amount of short positions is significantly higher than that of long positions, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 801.8 million USD, outflow was 794.1 million USD, and the net inflow was 0.77 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $1000PEPE, $TON, $LTC, $SAHARA, $PENGU have led to a net outflow in trading, presenting trading opportunities.

(Source: Coinglass)

News Update

1. Jack Dorsey launched a decentralized peer-to-peer chat application bitchat.

2. The U.S. House of Representatives fundraising committee will hold a hearing on Wednesday to discuss the cryptocurrency tax framework.

3. U.S. Secretary of Commerce: Tariffs will take effect on August 1, and Trump is formulating tax rates and agreements.

4. UAE authorities clarify: Golden visa issuance eligibility does not include digital currency investors.

5. On-chain analyst: The news about WLFI testing to add liquidity is false.

6. Data: Tokens such as CHEEL, APT, and IMX will see significant unlocks next week, with CHEEL unlocking a value of approximately 17.4 million USD.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "I really can't think of how low BTC could drop under such strong consensus unless there is systemic risk. A few days ago when it was around $109,000, I mentioned that although I see room for shorting, I wouldn't short simply because I don't know what situation might trigger a positive news that would push BTC's price up. Today, when Bessen announced its tariff partnership, the market started to speculate whether U.S. investors would respond positively on Monday, which is a three-day holiday, and the U.S. stock market hasn't reacted yet. BTC has completed the information transition from the disputes over Chuanma to tariff trading. This data serves as the best barometer for market sentiment. I highly recommend it. Secondly, there is the support data, and the validity of this data has been verified multiple times. As long as the support is not broken, price stability is guaranteed, and this data has been my reference for bottom-fishing multiple times. Now, I'm not sure if being bullish after a rise is correct, but being bearish after a drop without systemic risk might be incorrect. More importantly, don’t scare yourself; if the sky falls, there are still tall people to hold it up."