Gate Daily: Bitcoin falls back to 105,500 USD, Trump insists on July 9 tariff deadline!

According to Gate news, today (2), Bitcoin has fallen back to around 105,500 USD. U.S. President Trump insists on the July 9 tariff deadline, adding uncertainty to the originally optimistic mood of the trade war, triggering a decline in risk assets. The Federal Reserve Chairman Powell reiterated a wait-and-see stance and remains cautious about the expectations for a rate cut in September. U.S. senators are conducting a marathon vote on the "Beautiful Law Act", hoping to add amendments regarding Crypto Assets taxation.

Trump insists on the July 9 tariff deadline while targeting Japan

Trump stated that he does not consider delaying the deadline for reinstating tariffs on July 9, and once again threatened to interrupt negotiations and impose tariffs on multiple countries, including Japan. "No, I am not considering a pause," Trump said on Tuesday when asked whether he would extend the negotiation period with trade partners. "I will be writing to many countries."

(Source: Bloomberg)

After Trump delivered a speech to reporters on Air Force One, the U.S. stock market fell back. The S&P 500 index quickly dropped 14 points following this news after trading steadily earlier in the day. The Chicago Board Options Exchange Volatility Index (VIX) briefly broke through 16.8, before giving back its gains. Investors are closely watching how the president will handle the current suspension of tariffs from April, which he has paused for 90 days to allow time for negotiations.

For weeks, Trump has been trying to pressure trading partners, threatening to impose high tariffs on governments he considers difficult to deal with. His chief economic advisor, Kevin Hassett, suggested the day before that an agreement would be announced after the July 4 holiday and after the signing of the tax and spending bill approved by the U.S. Senate.

Since Trump suspended tariffs on various countries, he and his team have repeatedly promised to reach a series of agreements to rebalance the unfair trade relations he has long condemned. However, so far, the only two such agreements are the broad framework agreements reached with the UK and China, leaving several key issues unresolved and many specific details to be negotiated later.

On Tuesday, Trump further criticized Tokyo for refusing to accept U.S. rice exports. He also stated that there is an imbalance in automobile trade between the two countries. Trump mentioned that Japan should be forced to "pay 30%, 35%, or any number we determine, because we have a huge trade deficit with Japan."

In April of this year, Trump proposed a 24% tariff on Japanese goods. During the negotiation period, these goods were subject to a 10% tariff.

As the outcome of Trump's tariff war remains uncertain, risk assets such as the US stock market, Bitcoin, and Crypto Assets are under pressure.

On the macroeconomic front, Federal Reserve Chairman Powell spoke at the European Central Bank forum, reiterating a "wait-and-see" policy stance and emphasizing the importance of future data. Powell acknowledged that inflation may rebound in the summer, but he stressed that the Federal Reserve is willing to remain patient. He also pointed out that most Federal Reserve officials still expect that a rate cut later this year may be appropriate. Despite a cautious tone, the confirmation of a dovish inclination has strengthened expectations for a rate cut in September, putting continued pressure on the dollar.

Crypto Assets Circle Focus Events:

US regulators consider simplifying the listing process for Crypto Assets ETFs

According to CoinTelegraph, the U.S. Securities and Exchange Commission (SEC) is exploring a simplified listing structure for cryptocurrency exchange-traded funds (ETFs) to automate most of the approval process.

Crypto Assets reporter Eleanor Terrett stated that under the proposed reforms, ETF issuers may avoid the 19b-4 application form, which is the form submitted to the SEC before a physical financial product is listed on the exchange.

On the contrary, the issuer will submit the S-1 form (i.e., the initial registration document for listing) to the U.S. Securities and Exchange Commission and wait for 75 days. If the SEC does not oppose the application, the issuer can freely list the ETF, thereby reducing the back-and-forth communication between fund managers and regulatory agencies.

Terrett stated that the details of the proposal, including the eligibility criteria for Crypto Assets to qualify for the expedited process, have yet to be confirmed by the issuers and regulatory authorities.

The approval of Crypto Assets ETFs is a hot topic, as the launch of altcoin ETFs in the United States could attract new capital into the altcoin market, potentially triggering a sustained altcoin rebound, also known as altseason.

Report: Deutsche Bank will launch cryptocurrency custody accounts in 2026

According to a report by Bloomberg on Tuesday, Deutsche Bank plans to launch digital asset custody services in 2026 in collaboration with the technology department of the Austrian cryptocurrency exchange Bitpanda.

According to sources cited by Bloomberg, the development of crypto custody services will also involve Swiss technology provider Taurus, supported by Deutsche Bank.

If confirmed, Deutsche Bank's latest plan will mark the bank's most recent attempt to enter the crypto storage market since it revealed such ambitions in 2020.

U.S. Senator Forces Changes to Encryption Policy, Making it the "Beautiful Act"

From Monday to Tuesday, U.S. senators held a marathon voting session on Donald Trump's comprehensive tax and spending bill "The Beautiful Bill," hoping to add amendments, one of which would change the taxation of Crypto Assets.

Republican Senator Cynthia Lummis stated that she introduced an amendment aimed at ending the "unfair tax treatment" of Crypto Assets, which includes exempting transactions of Crypto Assets under $300 from taxation, and stipulates that Crypto Assets obtained through airdrops, mining, and staking will not be taxed before sale.

Earlier on Monday, the Senate rejected a Democratic-backed amendment that would have prohibited government officials, including the president, and their families from offering or promoting crypto assets and other digital assets.

Lummis, who opposed the amendment, claimed that it "would severely harm innovation and competitiveness in the United States" because it "goes too far" in restricting the family members of government officials, potentially sending the message that "America is closed for business."

At the same time, Trump's former cost-cutting chief Musk stated that he would work to oust all congressional members who voted in favor of the bill and, after the bill passes, establish a new political party, claiming that America needs "an alternative to a single-party Democratic Republican party."

Bitcoin Technical Analysis

According to CoinTelegraph, Bitcoin has been between the downward trend line and the moving average, indicating that the range may widen in the coming days.

(Source: CoinTelegraph, Trading View)

The upward-moving average indicates that the bulls have a slight advantage, but the relative strength index (RSI) close to the midpoint suggests insufficient bullish momentum. If the price declines and remains below the moving average, the BTC/USDT currency pair could fall to $104,500, and even below $100,000. This move would keep the currency pair within a bearish descending triangle pattern.

If the price rebounds from the moving average and breaks through the downward trend line, the bearish setup will be invalidated. This could drive the currency pair down to the neckline of the head and shoulders pattern.

The currency pair has fallen below the moving average, indicating that short-term traders are taking profits. Buyers are expected to defend the level of $104,500 with all their might, as a failure in their efforts could lead the currency pair to fall to the psychological support level of $100,000.

The first strong sign will be a breakthrough of the 20-day Exponential Moving Average (EMA). This will clear the way for a rebound to the downward trend line, where bears are expected to intervene. If buyers break through the downward trend line, the currency pair may challenge the historical high of $111,980.

(Source: CoinTelegraph, Trading View)