Headlines
▌Source: Musk has submitted an organizational statement of the "American Party" to the Federal Election Commission
According to Grage Dustin, a columnist for Townhall, a conservative news and commentary website in the United States, Musk has just submitted an organizational statement of the "America Party" to the Federal Election Commission (FEC).
▌U.S. Treasury Secretary: Several major agreements are close to being reached, and important news will be announced in the next few days
As the deadline for the suspension of U.S. reciprocal tariffs approaches, U.S. Treasury Secretary Bessant said on Sunday that the next 72 hours will be very busy. Bessant said that several major agreements are close to being reached, and important news will be announced in the next few days. He said that if the country that received the tariff letter fails to reach an agreement, its exports will face the tariff rate in April again from August 1. Trump administration officials have been claiming for weeks that multiple deals are imminent, but so far only a limited framework agreement with the United Kingdom, a small trade deal with India and a deal with Vietnam that Trump briefly outlined have been announced. The latest statements from Trump and Bessant suggest that with three days before the deadline, there are still variables in the negotiations and that reaching an agreement is not easy.
Market
As of press time, according to CoinGecko data:
BTC price is $109,122, 24 hours ups and downs +0.8%;
ETH price is $2,568.93, 24 hours ups and downs +2.0%;
BNB price is $662.88, 24 hours ups and downs +1.1%;
Policy
▌US media: Musk may set up a new party to "disrupt the situation"
According to the Wall Street Journal, neither Musk nor his advisers have submitted documents to the US Federal Election Commission indicating the establishment of a new political entity called the "American Party". The name of the party is similar to the American Political Action Committee (America PAC) he helped to establish. According to the documents, through this political group supporting Trump's campaign, Musk spent nearly $300 million in 2024 to help Trump and other Republicans. Although third-party candidates in the United States have never become president, they can play a disruptive role and take votes away from the two major parties.
▌Bessant: Elon Musk should focus on business, not politics
US Treasury Secretary Bessant said Elon Musk should focus on business, not politics.
▌Putin calls for expansion of local currency settlement and proposes to create a new BRICS investment platform
According to CCTV News, Russian President Vladimir Putin attended the 17th BRICS Summit via video on July 6 local time. In his speech, he proposed a number of initiatives, including building an independent settlement and custody system on the BRICS platform and vigorously promoting the expansion of local currency settlement. Putin said that in 2024, the ruble and the currencies of "friendly countries" accounted for 90% of Russia's settlements with other BRICS countries; at the same time, he proposed to increase the scale of two-way investment between member countries and proposed to create a new BRICS investment platform. In addition, Putin also proposed to establish a carbon market partnership, an arbitration investment center, a fair competition platform and a permanent tax secretariat within the BRICS framework.
Blockchain Applications
▌Vitalik co-authored the EIP-7983 proposal to set a Gas cap for a single Ethereum transaction
According to Cointelegraph, Ethereum co-founder Vitalik Buterin and Ethereum researcher Toni Wahrstätter co-authored the proposal EIP-7983, which intends to set the Gas cap for a single Ethereum transaction to 16.77 million. The proposal aims to reduce the risk of denial of service (DoS) attacks, optimize the performance of the zero-knowledge virtual machine (zkVM), and balance the overall Gas usage efficiency.
▌Jupiter TVL exceeds $2.3 billion
According to DeFiLlama data, Jupiter TVL exceeds $2.3 billion, currently at $2.387 billion, a record high.
Cryptocurrency
▌Arkham: The ancient whale that transferred more than 80,000 BTC may have migrated due to address upgrade, and there is no sign of selling
The chain analysis platform Arkham posted on the X platform that the ancient whale that previously transferred more than 80,000 BTC may have migrated due to address upgrade, transferring the address starting with "1-" to the address starting with "bc1q-". So far, there is no sign that the ancient whale is selling its bitcoins.
▌Michael Saylor releases Bitcoin Tracker information again, and may disclose the increase in holdings next week
Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor once again released information related to Bitcoin Tracker on the X platform. This time he wrote: "Sometimes you just need to HODL." Usually, he will disclose Strategy's Bitcoin holdings data the day after releasing Bitcoin Tracker information.
▌Linea mainnet has bridged over 810,000 ETH
Dune data shows that Linea mainnet has bridged 819,007 ETH, with 1,264,199 transactions and 581,728 interactive addresses.
Important economic dynamics
▌Lloyds Bank: Minutes of next week's meeting are not expected to change the market expectation that the Fed will not cut interest rates in July
Lloyds Bank in the UK believes that the minutes of the Fed's June meeting to be released next Wednesday are not expected to change the market's expectation that the July meeting will maintain interest rates unchanged, and interest rate adjustments are more likely to take place in September. The Fed's dot plot still expects two rate cuts this year, but there are clear differences among policymakers, ranging from three rate cuts to no change.
▌Bank of America: The already overbought U.S. stock market may continue to be overbought
In terms of fund flows, U.S. stock funds have seen their largest weekly net inflows in eight months. Data provided by the London Stock Exchange (LSEG) to China Business News showed that U.S. stock funds had net inflows of $31.6 billion in the past week. Although the 90-day deadline for the so-called "reciprocal tariffs" is approaching and trade negotiations have made relatively limited progress, U.S. stocks have hit record highs driven by optimism about artificial intelligence and the Fed's easing outlook. In the hot market environment, Bank of America wants to cool investors. Michael Hartnett, the bank's star strategist, said that if the S&P 500 index breaks through 6,300 points in July, it may trigger a "sell signal." "Already overbought markets may remain overbought because greed is harder to conquer than fear," Hartnett wrote in the report. He described the market outlook as "either a bubble or a bust," and believed that the risk of a bubble in U.S. stocks would rise in the summer as the House of Representatives passed the $3.4 trillion Big and American Act.
Golden Encyclopedia
▌How does the trade war affect the stock and crypto markets?
Tariffs raise the cost of imported goods and squeeze the profit margins of companies that rely on international supply chains. When automakers or electronics brands have to pay higher costs for parts, those costs will either erode profits or be passed on to consumers. In either case, it's bad news for earnings, which are what determines stock valuations. There's also the fear factor. The trade war has injected huge uncertainty into the economy. Will more tariffs be imposed next? Will other countries retaliate? This unpredictability can cause businesses to delay investments and hiring, while consumers may start spending less. This manifests itself as increased market volatility. The tariffs also hit cryptocurrencies, but the market recovered after a few days, reflecting the volatile and responsive nature of cryptocurrencies during times of global uncertainty. When uncertainty rises — such as a sudden escalation in global trade tensions — investors tend to play it safe. This means investors withdraw from more volatile assets, including cryptocurrencies, and hold assets that are seen as safer, such as cash or bonds. This is a classic "risk-off" strategy. But cryptocurrencies won't stay depressed for long. For many investors, despite their volatility, cryptocurrencies are also increasingly seen as a valuable hedge that is not affected by any government or policy decisions.
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