Gate Daily｜Trump announces new tariff rates and deadlines; TON Foundation denies launching UAE gold visa; Bitcoin and US stocks both pull back.

Today (8th) in the Asian early session, Bitcoin (BTC) pulled back from last night's high, currently reported at around 108330 USD, as trade war impacts risk assets. U.S. President Trump signed an executive order, delaying the implementation of tariffs from July to August 1st. Nevertheless, Bloomberg emphasized that Trump’s new deadline "is not 100% certain," allowing more time for negotiations. Trump warned that any trade retaliation would be met with a response from the United States.

Today's Outlook

1. China's foreign exchange reserves at the end of June are ( billion USD, compared to a previous value of 3285.00.

2. The cash rate of the Reserve Bank of Australia, previous value was 3.85%.

3. Germany's seasonally adjusted trade balance for May is ) billion euros, with a previous value of 14.7.

4. The Reserve Bank of Australia announces interest rate decision

5. Reserve Bank of Australia Governor Philip Lowe held a monetary policy press conference.

Macroeconomic Events & Cryptocurrency Hotspots

1. According to a report by Bloomberg, the White House announced on Monday evening that Trump has signed an executive order to postpone the implementation deadline of tariffs from July to August 1. The Trump administration announced a 25% tariff on goods from Japan and South Korea and signed an executive order extending the implementation date of the new tariffs to August 1. The United States also imposed a 25% tariff on Malaysia, Kazakhstan, and Tunisia, a 30% tariff on South Africa, and a 40% tariff on Laos and Myanmar. Other countries subject to tariffs include Indonesia (with a rate of 32%), Bangladesh (with a rate of 35%), and Thailand and Cambodia (with a rate of 36%).

2. The TON Foundation denies the claim that it has launched an official gold visa program in the UAE, clarifying that there is no formal partnership between the blockchain project and the UAE government. Previously, social media widely reported that digital asset investors could obtain UAE residency by staking TON tokens.

3. The United States Court of Appeals for the Eleventh Circuit has rejected the appeal filed by cryptocurrency advocacy group Coin Center against the sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on the Tornado Cash mixing service in 2022. In a document submitted on Thursday, the appellate court approved a motion to vacate the lower court's ruling and instructed that the case be sent back for reconsideration as part of a joint filing by Coin Center and the U.S. Department of the Treasury. The court stated that this dismissal will essentially conclude Coin Center's legal challenge against the OFAC.

Market Trend

1. $BTC has pulled back from last night's high, currently reported at around 108,330 USD, with a liquidation of 32.75 million USD in the past 24 hours, mainly from long positions;

2. The US stock market fell back from its historical high on Monday, with the Dow Jones Industrial Average down 422.17 points, a drop of 0.9%, closing at 44,406.36 points; the S&P 500 index down 49.37 points, a drop of 0.8%, closing at 6,229.98 points; the Nasdaq Composite index down 188.59 points, a drop of 0.9%, closing at 20,412.52 points. The Philadelphia Semiconductor Index fell sharply by 1.9%;

3. In the Gate BTC/USDT liquidation map, based on the current 108,259.60 USDT, if it drops to around 107,611 USD, the total liquidation amount of long positions will exceed 142 million USD; if it rises to around 109,953 USD, the total liquidation amount of short positions will exceed 170 million USD. The liquidation amount for shorts is higher than that for longs, 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 inflows were 1.21 billion USD, outflows were 1.41 billion USD, with a net outflow of 200 million USD;

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $ETH, $DOGE, $WIF, and $SUI have seen net outflows, indicating trading opportunities.

(Source: Coinglass)

News Update

1. After the controversy over the UAE "Golden Visa", the TON Foundation is recruiting a Vice President of Marketing.

2. Trump officially extended the "reciprocal tariff" postponement period to August 1 and has sent tariff letters to multiple countries.

3. Fed Chair frontrunner Waller: Interest rates should be lowered to a more sustainable level.

4. Ethereum co-founder Vitalik advocates for the use of the "copyleft" software licensing model.

5. The SEC confirms receipt of the Truth Social Bitcoin and Ethereum ETF application documents.

6. The US SEC has delayed its decision on the approval of Fidelity's spot Solana ETF.

7. The US government marked the address that transferred approximately 86.56 ETH to the exchange in the early morning.

8. The US court terminates Coin Center's appeal against the US Department of the Treasury regarding Tornado Cash.

9. The publicly listed real estate company Murano plans to establish a Bitcoin reserve through a $500 million equity transaction.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Looking back at the data for Bitcoin, I was surprised that the turnover rate on Monday was lower than on Sunday. Is it because American investors haven't started working yet? However, the decrease in turnover rate reduces the pressure on prices a bit. The market sentiment is a bit poor, mainly due to concerns about what Trump might do on July 9. I've made slight adjustments to the supporting data; currently, the highest concentration of $BTC is between $104,000 and $108,500, with the supply nearing 2.2 million coins. But its stability is still quite good. Of course, this is mainly because the US stock market hasn't reacted significantly. Overall, Bitcoin is still highly correlated with the US stock market. I generally understand the reactions of the S&P and Nasdaq; I can gauge BTC's movements by looking at the reactions of the S&P and Nasdaq. That's more or less it."