This week, Bitcoin and Ethereum experienced relatively calm movements from Monday to Wednesday, maintaining short oscillations. On Thursday, they faced the third crash after a surge to 110,000. Bitcoin fell over 5,000 in a day, and Ethereum dropped 250. Retail investors faced liquidation. From Friday until today, the overall volatility has shown a warming trend, with the market displaying a normal corrective posture.
Review of major events this week.
1. Trump calls on the Senate to pass the bill.
Trump urged the Senate to retain the hardline conservative provisions in his 'Beautiful America Act.'
Connecticut Senator Chris Murphy stated that the bill is an 'absolute disaster' for the American middle class and the poor. Murphy remarked, 'The bill is just trying to enrich Trump's billionaire class, his friends at Mar-a-Lago, and his business allies at the expense of ordinary Americans.'
US Commerce Secretary Ross emphasized that Trump's 90-day tariff suspension is a strict deadline. Despite the federal court's ruling earlier this week, the tariffs 'will not disappear.' He predicts that a 'large number of agreements' will be reached before the July deadline and stated that negotiations with the EU are back on track after Trump threatened to reignite the trade war with the EU last week.
2. Force countries to reveal their hands: Present 'best offers' before Wednesday.
The Trump administration hopes that countries participating in the high tariff negotiations will present their 'best offers' before Wednesday.
So far, the US has only reached one major trade agreement (with the UK). Even so, this limited agreement is more of a framework for ongoing negotiations rather than a final agreement.
It is reported that the United States is currently actively negotiating with countries and regions such as the European Union, Japan, Vietnam, and India.
The 'Beautiful America Act' pushed by Trump passed narrowly in the House, with the Senate becoming key to its fate.
3. President Trump announced that starting June 4, the import tariff on steel and aluminum would increase from 25% to 50%.
Trump's decision further escalates trade tensions.
Last week, the federal court overturned many other tariffs imposed by Trump under the emergency powers act, but the steel and aluminum tariffs were not affected by this ruling.
4. ADP employment and services PMI shock; Trump again calls on Powell to immediately cut interest rates. The data report reflects weakness in private sector hiring and a contraction in the service industry. Trump posted on social media, stating, 'ADP data is out! 'Too late, Mr. Powell' must cut interest rates now.'
5. Musk publicly criticizes Trump's tax bill, while Trump remains unusually restrained.
Federal Reserve Kashkari: The bond and stock markets are sending completely different signals.
Federal Reserve Beige Book: Six districts reported a slight decline in economic activity. Businesses generally expect costs to accelerate in the future.
6. The unemployment rate in the US for May recorded at 4.2%, in line with market expectations.
The number of non-farm jobs in the US adjusted for May was 139,000, exceeding the expectation of 130,000. The previous value was revised from 177,000 to 147,000.
Comprehensive media reports indicate that Trump has expressed no interest in speaking with Musk, who may have discussions with Trump's aides to ease the conflict between the two.
This week, market uncertainties and Trump's frequent antics have led to heightened volatility in the bull-bear tug-of-war. YuMi focused on short-term trading, alternating between long and short positions. Although there were operational missteps along the way, YuMi quickly adjusted to recover losses upon noticing adverse trends. After getting back on track, significant results were achieved, with Bitcoin closing at 17,954 (loss of 541) and Ethereum at 937 (loss of 12).
Admitting mistakes is essential; even if you are right, do not become complacent. Steadily and diligently accumulate experience, as success does not come overnight but is achieved by seizing opportunities when favorable market conditions arise.
Bitcoin is currently trading around 105,000, close to the highs before the crash. The market has seen fluctuations between bulls and bears throughout the week, leading to liquidations of retail investors. Institutional inflows have noticeably slowed down, resulting in price support and resistance moving together, with the market operating in a sideways manner.
After a drop on Thursday, the market showed a brief recovery. Currently, the daily line is oscillating below the middle band of the Bollinger Bands.
The trading volume was sluggish over the weekend, allowing everyone to relax a bit. Pay attention to the market tonight and on Monday to catch any changes in trend and market movements for next week.
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