Bitcoin 
$77,196‘s price continues to maintain its support at $108,000, but it has not yet surpassed the $110,000 threshold. This week marks the anticipated resolution of uncertainties related to tariffs. Inflation is starting to rise slightly, and leading indicators are signaling weaknesses in job creation. What insights did U.S. Secretary Bessent provide?
Significant Developments in Cryptocurrencies
Bitcoin’s price recently dropped to its lowest at $108,385, accompanied by weakening volume. Tensions concerning tariffs are expected to yield outcomes within the next 48 hours. President Trump indicated that tariffs affecting dozens of countries will be implemented starting August 1st. Although Secretary Bessent mentioned a potential three-week exemption, it is imperative that agreements are finalized. As no positive announcements emerged from the weekend’s EU discussions, investors remain understandably nervous.
U.S. Treasury Secretary Bessent shared the following remarks;
“The U.S. will achieve growth without inflation. We will make several trade announcements within the next 48 hours.
Last night, I received many new offers. The trade letters are quite standard.
The markets may be pricing in potential interest rate cuts. This decision is not solely up to the Fed chair but the committee as a whole.
The Euro may appreciate. China’s currency has also depreciated. In the upcoming weeks, I will meet with my Chinese counterpart. If China wants to go beyond trade, there are things we can do together.”
A forthcoming announcement regarding an agreement with the European Union would surprise the markets and result in significant gains. However, if the trade deals emerging within the next 48 hours primarily involve smaller trade partners, there is a risk of encountering a situation in August reminiscent of April’s scenario. Such an outcome could adversely affect the Fed’s potential interest rate cut in September.
