● Musk criticizes Trump's tax cut plan, claiming it will lead to debt slavery
According to Odaily Planet Daily, Tesla CEO Elon Musk publicly criticized the Trump administration's recently introduced comprehensive tax cut plan this week, stating that it will lead to "debt slavery" and suggesting that Bitcoin (BTC) should become the U.S. reserve currency. The plan will add $2.4 trillion in national debt and cut $3.75 trillion in taxes, which is expected to result in 7.8 million people losing healthcare coverage.
● Trump claims that if the bill is not passed, it will lead to a 68% tax increase
According to Shenchao TechFlow, on June 6, Trump stated on the Truth Social platform that he does not mind Musk opposing him, but believes Musk should have done so months ago. Trump emphasized the bill currently under congressional review, calling it "one of the greatest bills of all time," which will cut $1.6 trillion in spending and provide "the largest tax cut in history." He warned that if the bill is not passed, it will lead to a 68% tax increase and "worse scenarios." Trump stated: "I am not the one who caused this chaos; I am just here to fix it."
● The cryptocurrency fear and greed index drops to 45, market sentiment turns to fear
According to ChainCatcher, today's cryptocurrency fear and greed index is 45, down from 57 yesterday. Due to the gloomy market sentiment, the index has shifted from the "greed" zone to the "fear" zone.
● Initial jobless claims in the U.S. for the week ending May 31 are 247,000, expected 235,000
According to Wu Shuo, the number of initial jobless claims in the U.S. for the week ending May 31 is 247,000, exceeding the expected 235,000. The previous value has been revised from 240,000 to 239,000.
● The U.S. 10-year Treasury yield falls to 4.322%
According to Odaily Planet Daily, U.S. Treasury yields continued to fall after the release of initial jobless claims and international trade data. The latest 10-year Treasury yield has dropped by 4.5 basis points to 4.322%.
● The U.S. trade deficit in April sharply reduced to $61.6 billion
According to BlockBeats, the U.S. Department of Commerce stated that the trade deficit in April decreased by 55.5% to $61.6 billion. Imports fell by 16% to $351 billion, while exports rose by 3% to $289.4 billion.
This is the smallest deficit since September 2023. Consumer goods imports fell by $33 billion, pharmaceutical imports significantly decreased, and auto imports dropped by $6.4 billion. Data shows that the initial effects of the White House raising tariffs in early April are evident, but the future trend remains uncertain.
According to Wu Shuo, QCP Capital analysis pointed out that despite the U.S. ADP employment data and ISM index falling short of expectations, risk assets remain resilient. Trump criticized Federal Reserve Chairman Powell for not cutting interest rates and proposed permanently eliminating the debt ceiling. Treasury Secretary Bessant launched the "Big Beautiful Bill," supporting manufacturing and research tax incentives. JPMorgan allows cryptocurrency ETFs as loan collateral. BTC and ETH ETF inflows have slowed, but the fundamentals remain strong. ETH continues to test the 200-day moving average, and the ETH/BTC exchange rate remains around 0.025, showing relative strength. Demand for $130,000 BTC call options expiring in September is increasing.
● Truth Social registers Bitcoin and Ethereum ETFs in Nevada
According to ChainCatcher, market news reports that Truth Social's Bitcoin and Ethereum ETFs have been registered in Nevada.
