Crypto market update ✍️

Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market again. Friend's, this week has been eventful, with the ongoing trade war between Donald Trump and the European Union, where Europe has retaliated by stating that they will impose tariffs on the US if the US imposes tariffs on them. Trump’s statements about tariffs often lead to market fluctuations. and tonight, important inflation numbers from the US are released at 6 PM IST. These numbers are crucial because if inflation remains above the 2% target, Trump may continue to pressure Jerome Powell, the Federal Reserve Chairman, to reduce interest rates. This would impact the US economy as the government needs funds for spending, especially for a major bill that Trump plans to introduce in September.

Additionally, the ongoing developments in Bitcoin and other cryptocurrencies are significant. Recently, a bill to introduce a strategic reserve for Bitcoin was reintroduced in the US, which could see the government purchasing up to one million Bitcoins over a five-year period. This bill is still in the early stages and needs approval from both the House and Senate. Meanwhile, the market is also waiting for approval of cryptocurrency ETFs, which could provide a major boost to the market. There is also talk about reducing regulations on decentralized finance platforms and how this will affect the broader crypto landscape. Overall, these events, along with the US’s growing national debt and the pressure to reduce interest rates, are creating a volatile and uncertain market. That's it for today. Thanks & have a good day!!