Trump's tax reform triggers a deficit crisis, US debt is in jeopardy, gold hits a new high, and the dollar plummets! What does this mean for the cryptocurrency space? | Macro Hot Topics Analysis on July 2
Last night, there was news from the United States: Trump's tax reform bill passed in the Senate, raising serious concerns about the US financial situation!
This bill is expected to add $3.3 trillion to the US deficit over the next 10 years!
Market reactions:
1. Gold rises to $3,340 per ounce (up 2% over two days)
2. The dollar falls to its lowest point since 2022
📉 Weak dollar + Exploding US finances + Expanding deficit
Become important catalysts supporting the rise of gold and the cryptocurrency space (especially Bitcoin)!
Expanding fiscal deficit = More money printing may occur in the future
Scarce assets (BTC, gold) naturally become safe havens for capital.
Weak dollar = Increased attractiveness of non-dollar assets
Bitcoin, as a 'de-dollarized' asset, has a long-term upward logic.
Market risk aversion is returning
Gold rises, BTC may also strengthen, and the statement that BTC is the new 'digital gold' is once again validated.
Another thing: Powell has just spoken out!
Federal Reserve Chairman Powell publicly acknowledged in Europe:
"If it weren't for the uncertainty brought by Trump's tariff policy, we would have started rate cuts in 2025!"
In other words:
Rate cuts are 'delayed', but not canceled. The market still has expectations for future 'easing'!
Short-term pressure on market sentiment, but mid-term is generally positive for gold & Bitcoin!
Especially: Bitcoin's anti-inflation properties, scarcity, and decentralization characteristics are once again becoming hot topics in this macro environment.
Currently, BTC is under short-term pressure, but the macro environment is slowly turning into a 'strongly bullish' structure; once confidence in the dollar system continues to weaken, BTC will once again attract capital attention.
