Affected by the White House's new round of global tariff measures, the crypto market also revealed bearish signals on this day. Trump's move to some extent reduced the positive effects of "American Crypto Week", enterprise-level accounts continuously holding Bitcoin, and MicroStrategy's latest financing, exacerbating market uncertainty, with macro information and capital flows becoming the focus of recent attention.
June Core PCE Announced, PCE Price Index Year-on-Year Lower Than Expected
According to Jin Shi data, the US June core PCE price index year-on-year was 2.8%, expected 2.70%, with the previous value revised from 2.70% to 2.8%. The US June core PCE price index month-on-month was 0.3%, expected 0.30%, with the previous value at 0.20%. The market performance is worrying, with the "Fed mouthpiece" Nick Timiraos stating on social media that the (June) core PCE inflation seems to be deteriorating and is not better than when the Fed started cutting rates last year, and in some indicators, it's even worse. The 3-month annualized core PCE price index for June was 2.6% (2.3% in the same period last year). Calculated on a 6-month annualized basis, this figure is 3.2% (3.3% in the same period last year).
Reciprocal Tariffs Disrupt Market, Macro Uncertainty Intensifies
The new US tariffs triggered market panic, with President Trump signing an executive order imposing tariffs of 15% to 41% on goods exported to the US from 67 trading partners. White House officials on Thursday night said they hope to reach more agreements with countries before the new tariff implementation date of August 7, giving countries another window to try to reduce tariffs through negotiations. A senior government official said, "This is historic, this is a new trade system, this is what I call Trump round negotiations."
Fiscal Issues to be September Focus, Fiscal Uncertainty May Further Boost BTC
Every significant BTC fluctuation has a clear catalytic effect, with price performance often closely related to actual capital flows. As Washington enters the summer recess (the House adjourned on July 25, with the Senate expected to follow around July 31), market focus will shift back to fiscal issues when Congress reconvenes after Labor Day on September 2. Historically, fiscal uncertainty has always been an important driving force for hard asset appreciation, and BTC is at the forefront of this macro trend.
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