Americans have virtually stopped worrying about tariff-induced inflation according to a monthly survey published by the New York Federal Reserve.
BTC Edges Higher on Softer Inflation Expectations
Inflation anxieties are easing! A new survey from the New York Federal Reserve reveals Americans foresee inflation at roughly 3% within the year – a welcome 0.2% dip from May’s forecast. Crypto markets perked up at the hint of economic optimism. Bitcoin, sensing the shift, nudged up 0.44%, flirting with the $108K mark all morning. Is this the start of a broader rally, or just a temporary sigh of relief?
Inflation expectations are cooling off. The 3% mark signals a return to pre-Trump era levels, a time before tariffs shook up the economy. While the actual May CPI clocked in at 2.4% – a pleasant surprise – the Fed still has work to do to hit its 2% target. The inflation battle continues.
(Americans expect inflation to be at 3% one year from now / New York Federal Reserve)
Trump ignited a firestorm yesterday, brandishing proof of impending tariffs like a political weapon. Forget diplomatic niceties; the president took to Truth Social, posting letters that detail import taxes set to detonate on August 1. Economists, already reeling from what many call a global trade war, brace for the inevitable price hikes as Trump doubles down on his controversial strategy.
Monday, July 7th, mark your calendars! At noon sharp (Eastern time), the future of global trade unfolds. The U.S. will unveil its highly anticipated tariff letters and deals with nations across the globe. Stay tuned this is a game-changer!
Overview of Market Metrics
Bitcoin’s been on a rollercoaster! Yesterday’s ride saw it dipping to $107,499.56 and peaking at $109,198.97. Currently, it’s hovering around $108,788.74. Think of it as a small win – a 0.74% bump in the last 24 hours. But zoom out to the week, and we’re talking a more substantial 2.41% climb, says Coinmarketcap. Is this the start of something bigger?
( BTC price / Trading View)
Bitcoin trading held steady, inching up a mere 0.50% to $45.20 billion. Meanwhile, Bitcoin’s market cap nudged upward by 0.74%, hitting a hefty $2.16 trillion. In a barely perceptible shift, Bitcoin dominance saw a fractional dip of 0.01%, settling at 65.09%.
( BTC dominance / Trading View)
Bitcoin futures markets held steady, with open interest practically mirroring yesterday’s $73.97 billion. A minor 0.11% slip barely registered. The last 24 hours saw $36.20 million evaporate in liquidations. The bulls tasted bitterness, losing $20.23 million, while bears felt a milder sting of $15.97 million.
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