Yesterday afternoon, Bitcoin ignored the pre-market decline of U.S. stock index futures and successfully broke through $120,000 to set a new high. However, after the U.S. stock market opened, Trump stated during a meeting with NATO Secretary General at the White House that if Russia and Ukraine do not reach a ceasefire agreement within 50 days, the U.S. will impose an additional 100% tariff on Russia. This remark caused Bitcoin to briefly drop below $120,000, but the U.S. stock indices seemed immune to this action, with the S&P 500 and NASDAQ continuing to reach new highs, and Bitcoin subsequently rose back above the $120,000 level.
When Bitcoin broke $120,000, there were many Bitcoin transfers on the chain, including a whale who held 80,000 Bitcoins for 14 years, transferring 20,000 Bitcoins. Additionally, the on-chain Bitcoin spot premium showed a downward trend, indicating that many people chose to sell at this price level. Currently, the support for Bitcoin's price mainly comes from futures, so the correction is normal and healthy.
Tonight, the U.S. will release the CPI data for June, and the market currently expects a slight increase in the CPI figures. This data will reflect the impact of U.S. tariff measures. The best outcome would be if the figures are below expectations, indicating that inflation is cooling, and the Federal Reserve's interest rate cut in September should be without doubt. However, if the figures meet expectations or even exceed them, the September rate cut may be off the table, which would directly impact market optimism. Therefore, caution is advised as the market may experience significant price fluctuations tonight.
"MICA Daily｜Trump threatens to impose 100% tariffs on Russia, yet Bitcoin rises above $120,000" was first published on (Block Media).
