This week, significant changes are observed in the cryptocurrency market due to the US Treasury's remarks and upcoming tariffs on international dealings.
Current Situation in the Cryptocurrency Market
Bitcoin surged past $110,000 this week but quickly retreated to settle around $109,000. Despite strong employment figures, the absence of an expected interest rate cut in July has set a cautious tone, indicating that any sharp declines in the market are purely speculative.
Tariff Discussions and Their Consequences
Since the start of the week, discussions have focused on the long-term impacts of potential tariffs that could affect inflation. The European Union maintains a firm stance in negotiations, warning that "every option is on the table." The US Treasury Secretary emphasized the need to prevent a return to April's tariff rates, stating, "Thus far, tariffs have not caused notable damage. I rely on the market’s perspective, rather than economists."
Expectations and Future Forecasts
This week also features further discussions with EU trade officials, raising expectations for future collaborative efforts. US Trade Representative Greer is expected to engage further with EU counterparts. Meanwhile, Japan's position remains delicate due to upcoming upper house elections, potentially complicating negotiations.
The overall sentiment regarding the current cryptocurrency market situation remains cautious. Comments from the US Treasury Secretary and expectations regarding future tariffs will significantly impact economic activity and the cryptocurrency market in the coming weeks.
