Influenced by the trade agreements reached between the US and Japan and signs of an agreement with the EU, investors continue to optimistically drive stock market gains, with the S&P 500 and Nasdaq both reaching new all-time highs, with the Dow Jones just 4 points away from its historical peak. The cryptocurrency market dropped 2.36% within 24 hours, facing profit-taking pressure after a 25% monthly increase. Bitcoin's dominance slightly increased, with XRP and BNB sliding after breaking historical highs yesterday, and the Altcoin index quickly falling from 51 to 43.
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ToggleTariff Hopes Drive US Stocks to New Highs
Reports indicate that after reaching an agreement with Japan, the US is about to reach an agreement with the EU to impose a 15% tariff on most products.
US President Trump stated that he will not set tariff rates below 15% before the August 1st deadline for so-called "reciprocal" tariff rates.
We will adopt direct, simple tariffs ranging from 15% to 50%.
The progress of trade agreements confirmed investors' expectations that Washington will adopt a pragmatic trade policy before tariffs significantly impact corporate profits. The S&P 500 and Nasdaq both reached new all-time highs, with the Dow Jones just 4 points away from its historical peak.
Bitcoin Dominance Slightly Increases, Network Liquidates $742 Million
The cryptocurrency market dropped 2.36% within 24 hours, facing profit-taking pressure after a 25% monthly increase.
Bitcoin's dominance rose to 61.01% (up 1.33% in 24 hours) but declined from 120K to 118K, with over $65.22 million in Bitcoin positions liquidated within 24 hours.
Ethereum was hit hardest, with $157 million in positions liquidated within 24 hours, followed by XRP with $87.16 million. The Altcoin index dropped from 51 to 43.
XRP and BNB Break Historical Highs
XRP reached a new historical high yesterday. Vertical agriculture technology company Nature's Miracle Holding Inc. (OTCQB: NMHI) is establishing a corporate XRP Treasury program of up to $20 million, becoming the first XRP reserve strategy company. XRP plummeted 9.6% to $3.21 after reaching a new high, with its market value evaporating $18.37 billion amid massive liquidations and the unexpected withdrawal of XRP-related ETF conversions by the SEC.
BNB also reached a historical high of $809 yesterday, reclaiming the top five market cap spot from SOL.
Risk Warning
Cryptocurrency investments carry high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
