US Senate passes tax bill procedural motion; Trump's approval rating drops to lowest level

Headlines

▌The U.S. Senate voted to pass a procedural motion to advance the tax and spending bill

According to CCTV News, the U.S. Senate passed a procedural motion by a vote of 51 to 49, which aims to advance the massive tax and spending bill that U.S. President Trump called "big and beautiful". After the procedural vote of the U.S. Senate, the possibility of the bill passing in the next few days has increased. It is reported that after the procedural motion is passed, the massive tax and spending bill will go through reading, debate, amendment voting and final voting, which is expected to take several days, with the goal of sending it to the U.S. President for signature before July 4. The bill contains multiple clauses and more than 1,000 pages, focusing mainly on tax cuts and spending cuts. The bill will extend the corporate and individual tax cuts passed by Trump in 2017 during his first presidency, provide new tax breaks for tips, car loans, etc., while increasing defense spending and providing more funds to combat illegal immigration.

▌Trump's approval rating in polls drops to historic low

According to the website of Newsweek, the latest Newsweek poll shows that US President Trump's approval rating has dropped to an all-time low. The survey shows that 43% of Americans are currently satisfied with Trump's performance, 53% are dissatisfied, and his net approval rating is negative 10%. The report said this is a drop of 3 percentage points from the previous day, when his net approval rating was negative 7%. This is also his lowest net approval rating since April 29.

Market

As of press time, according to CoinGecko data:

BTC price is $108,363, 24 hours ups and downs +1.0%;

ETH price is $2,502.34, 24 hours ups and downs +2.7%;

BNB price is $654.97, 24 hours ups and downs +1.0%;

SOL price is 153.15 US dollars, up and down 24 hours +1.6%;

DOGE price is 0.1695 US dollars, up and down 24 hours +3.5%;

XRP price is 2.21 US dollars, up and down 24 hours +1.0%.

TRX price is 0.2764 US dollars, up and down 24 hours +0.7%.

Policy

▌US Republican Senator predicts that the Senate will vote on the "big and beautiful" bill on the 30th

According to CCTV News, US Republican Senator Katie Britt predicted that the Senate will vote on the final passage of the massive tax and spending bill called "big and beautiful" by US President Trump on the 30th local time. Earlier, the Senate voted to advance the bill by a narrow margin of 51 to 49 late at night on the 28th. Senate Democrats adopted a major delaying tactic, forcing the clerk to spend about 10 to 15 hours reading the entire bill aloud in the Senate Hall. They began reading it at 23:08 Eastern Time on the 28th. It is reported that after the reading, the bill will be debated. Britt predicts that the debate will begin after 15:00 Eastern Time on the 29th.

▌Trump believes there is no need to extend the July 9 tariff deadline, and the US Treasury Secretary admits that it may be difficult to complete all negotiations

US President Trump said he does not think there is a need to extend the July 9 trade deadline, and that countries need to reach an agreement with the United States before this deadline to avoid being subject to higher tariffs. He said in an interview with Fox News: "I don't think it needs to be extended." He then added: "I can extend it, it's no big deal." Prior to this, Trump said last Friday that the government could "do whatever it wants" with this deadline, including extending or shortening it. On Friday, U.S. Treasury Secretary Benson said: "We have been offered very good deals, but we may not be able to complete all negotiations before Trump's tariffs on specific countries are about to take effect on April 2. If we can reach agreements with 10 to 12 of the 18 important trading partners - and there are another 20 important trading relationships - then I think we can complete all trade negotiations before Labor Day (September 1).

▌Trump: The United States should keep interest rates at 1% or 2%

U.S. President Trump said that the United States should keep interest rates at 1% or 2%. Don't want to pay 10-year debts at higher interest rates.

Blockchain Applications

▌Robinhood will announce major news about its crypto business today

Robinhood co-founder Vlad Tenev wrote on X that the company will release an important announcement related to its crypto business at 5 pm CET on June 30 (11 pm BJT on June 30). According to the official announcement, this press conference will reveal "exciting" news from Robinhood Crypto. Earlier news, Robinhood plans to use blockchain technology to trade U.S. assets in Europe.

▌Uniswap front-end transaction fees have exceeded $157 million

According to DefiLlama data, as of June 29, Uniswap front-end transaction fees (income) reached $157.23 million.

▌Yuxin Technology: In-depth contact with the stablecoin issuer and signed a confidentiality agreement

Yuxin Technology (300674.SZ) released a record of investor relations activities. The policy breakthrough in the field of stablecoins is highly consistent with the company's global development strategy. Yuxin has started a systematic layout at the company level and provided strong support on the basis of existing overseas business, including: 1) Recently, it is actively connecting with the core participants in all aspects of the stablecoin ecosystem, including in-depth contact with the issuer and signing a confidentiality agreement, focusing on the full process requirements of stablecoin issuance, clarifying the specific responsibilities of all parties in the issuance process, sorting out feasible technical solutions, integrating their respective advantages and resources, etc.; 2) Communicating with institutions in emerging technology hotspots in Singapore to discuss the specific implementation path of RWA tokenization, including how to screen suitable underlying assets, design compliant tokenization solutions, and formulate issuance strategies; 3) Communicating with specific local closed-loop industrial chain companies in the Middle East. Since the industry requires a closed loop, it involves all links in the upstream and downstream of the industrial chain, providing application scenarios for stablecoins. Through stablecoin blockchain technology, it is possible to achieve transaction transparency in all links of the industrial chain and build a payment system throughout the entire chain.

▌Iranian encrypted trading platform Nobitex opens wallet access in batches

Iranian encrypted trading platform Nobitex released the progress of security incident handling. User wallets began to be opened in batches, starting with verified users, initially for spot wallets, and then expanded to other types of wallets. Users need to authenticate their identities first, and Nobitex will begin to display wallet balances in stages. Nobitex was previously attacked by the pro-Israel hacker group "Gonjeshke Darande", with an estimated loss of about US$100 million.

Cryptocurrency

▌Cathie Wood: Bitcoin holders may transfer BTC to Coinbase for mortgage loans to buy houses

 ARK Invest CEO Cathie Wood posted on the X platform that most of the net assets of Bitcoin holders are concentrated in cryptocurrencies, so it has been difficult to obtain mortgage loans for a long time. She said that she would not be surprised if these holders transferred some of their Bitcoin to Coinbase as collateral to buy new houses that were previously unaffordable.

▌At least 9 London companies explored Bitcoin strategies in the past week

According to the Financial Times, many London-listed companies are now entering the Bitcoin market to boost their share prices. In the past week, at least nine companies have announced that they have purchased or plan to purchase Bitcoin, including: 1. Tao Alpha plans to raise 100 million pounds to launch a Bitcoin funding strategy; 2. Smarter Web Company's market value has risen to more than 1 billion pounds since it announced its Bitcoin purchase plan in April; 3. Panther Metals announced the launch of its Bitcoin strategy and has purchased one Bitcoin. Its short-term goal is to hold 4 million pounds worth of Bitcoin; 4. Bluebird Mining Ventures has raised 2 million pounds in debt financing for Bitcoin investment, and plans to raise another 10 million pounds; 5. Vinanz currently holds $3.85 million worth of Bitcoin and is currently changing its name to London BTC Company.

▌Michael Saylor releases Bitcoin Tracker information again

Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor released Bitcoin Tracker information again on the X platform. This time he wrote: "21 years later, you will wish you had bought more." Usually, he will disclose Strategy's Bitcoin holdings data the day after releasing Bitcoin Tracker information.

Important Economic Dynamics

▌US June Non-Farm Payrolls Report Released Ahead of Time

Affected by the US Independence Day holiday, the US June Non-Farm Payrolls Report was released ahead of schedule at 20:30 on July 3 (Thursday). On that day, US stocks and CME stock index futures trading closed ahead of schedule. On July 4, the U.S. stock market was closed for one day. The trading of precious metals, U.S. oil, foreign exchange, and stock index futures contracts under CME ended ahead of schedule at 01:00 on the 5th Beijing time, and the trading of Brent crude oil futures contracts under ICE ended ahead of schedule at 01:30 on the 5th Beijing time.

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in July is 18.6%

According to CME's "Fed Watch" data, the probability of a 25 basis point rate cut in July is 18.6%, and the probability of keeping the interest rate unchanged is 81.4%. The probability of the Federal Reserve keeping interest rates unchanged until September is 8.6%, the probability of a cumulative 25 basis point rate cut is 74.8%, and the probability of a cumulative 50 basis point rate cut is 16.6%. The next two FOMC meetings of the Federal Reserve will be held on July 30 and September 17.

Golden Encyclopedia

▌What is the difference between gold-backed stablecoins and dollar-backed stablecoins?

Both gold-backed tokens and dollar-backed tokens are stablecoins, but they differ in several ways. Gold-backed stablecoins and dollar-backed stablecoins differ primarily in the collateral that backs their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some dollar-backed stablecoins are backed by reserves of U.S. dollars, short-term, and cash deposits. The value of gold-backed stablecoins fluctuates based on the market price of gold, which may experience short-term fluctuations but tends to appreciate in the long run. Dollar-backed stablecoins maintain a 1:1 peg to the U.S. dollar, ensuring more predictable short-term stability. Unless external factors such as regulatory changes or reserve mismanagement affect the peg, its value will remain stable. USD-backed stablecoins are more liquid and widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are often used for trading and lending. Gold-backed stablecoins, while helpful for preserving value, are rarely integrated into DeFi protocols due to concerns about low liquidity. Stablecoins backed by gold can hedge against inflation and attract investors seeking growth. USD-backed stablecoins are favored by investors seeking stability and a store of value.