Gate Daily | Bitcoin hits 112,000, setting a new historical record; Trump issues tariff letters to 8 countries, threatening to impose a 50% tariff; The Federal Reserve's prospects for a rate cut in July weaken.

Today (10) in the Asian morning session, Bitcoin (BTC) has risen above $111,000, reaching a high of $112,040, setting a new historical record. The Federal Reserve (FED) meeting minutes indicate that participants have differing views on the inflation outlook, with only a few willing to consider a rate cut in July. U.S. President Trump has issued tariff letters to 8 countries, with Brazil facing a 50% tariff.

Today's Outlook

1. China's M2 money supply at the end of June ( year-on-year ), the previous value was 7.9%.

2. Japan's June domestic corporate goods price index year-on-year (, previous value was 3.2%

3. The number of initial jobless claims in the United States last week, seasonally adjusted, was ) thousand, () as of July 05, (, with a previous value of 233.

4. The Federal Reserve (FED) released the minutes of the monetary policy meeting.

5. St. Louis Fed President James Bullard spoke on the U.S. economy and monetary policy.

Macroeconomic Events & Cryptocurrency Hotspots

1. Trump threatened to impose a 50% tariff on Brazilian goods, calling Brazil "a sinister attack on free elections and the fundamental right of Americans to free speech." After the news broke, the Brazilian real fell nearly 3% against the dollar, and the iShares MSCI Brazil ETF dropped nearly 2% in after-hours trading. Luiz Inácio Lula da Silva stated that Brazil would not accept "guidance" from anyone, and any unilateral interest rate hikes would be met with responses under Brazil's Economic Reciprocity Law, with the sovereignty and interests of the Brazilian people guiding Brazil's relations with the world.

2. On Wednesday, the liquidity pool was attacked, resulting in 40 million dollars being stolen and sent to an unknown wallet. The GMX protocol suspended trading on GMX V1. GMX V1 is the first version of the GMX perpetual exchange deployed on the Arbitrum network. According to the GMX team, the attacked mining pool was a liquidity provider for the GMX protocol, with its underlying digital asset basket including Bitcoin )BTC(, Ethereum )ETH(, and stablecoins. The protocol also announced the suspension of minting and redeeming GLP tokens on the Arbitrum and Layer1 (L1) networks to prevent any additional impacts from network security vulnerabilities.

3. A group of Democratic senators in the United States has introduced a new bill to sanction Salvadoran President Nayib Bukele and members of his government. The bill is titled the "Salvador Accountability Act" (S.2058) and is sponsored by Senators Chris Van Hollen, Tim Kaine, and Alex Padilla. If passed, the bill would require President Trump to impose sanctions on the Salvadoran government for alleged human rights violations and abuse of Bitcoin.

Market Trend

1. $BTC surged above $111,000, reaching a peak of $112,040, setting a new historical record, with liquidations of $229 million in the past 24 hours, mainly from short positions;

2. Large tech companies drove a rebound in US stocks on Wednesday, with the Dow Jones Industrial Average rising by 217.54 points, an increase of 0.5%, to 44,458.30 points. The S&P 500 index rose by 37.74 points, a gain of 0.6%, to 6,263.26 points. The Nasdaq Composite Index increased by 192.87 points, closing at 20,611.34 points, up 0.9%. Nvidia rose by 1.8%, and TSMC ADR gained 1.7%, propelling the Philadelphia Semiconductor Index up 0.4%;

3. In the Gate BTC/USDT liquidation map, based on the current 111,181.10 USDT, if it falls to around 110,501 USD, the cumulative liquidation amount for long positions exceeds 221 million USD; if it rises to around 111,633 USD, the cumulative liquidation amount for short positions exceeds 67 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

![])https://img.gateio.im/social/moments-87a9b3933a-2f8ce86d04-153d09-7649e1(

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was $2 billion, outflow was $1.88 billion, with a net outflow of $120 million.

![])https://img.gateio.im/social/moments-87a9b3933a-f69421d081-153d09-7649e1(

(Source: Coinglass)

5. In the past 24 hours, contracts such as $FARTCOIN, $XLM, $PNUT, $WLD, and $1000BONK have seen net outflows, indicating trading opportunities.

![])https://img.gateio.im/social/moments-87a9b3933a-20266de662-153d09-7649e1(

(Source: Coinglass)

News Updates

1. The Federal Reserve (FED) meeting minutes: Participants have differing views on the inflation outlook, with only a few willing to consider a rate cut in July.

2. "The Federal Reserve (FED) Mouthpiece": Meeting records show that the Federal Reserve (FED) is divided into three major factions.

3. Trump issued tariff letters to 8 countries again, with Brazil facing a 50% tariff.

4. Donald Trump invests in the social media company Thumzup, which holds reserves in cryptocurrency.

5. SEC Commissioner Hester Peirce stated: Tokenized securities still fall under the category of securities.

6. Cyvers Alerts: ZKSpace is suspected to have been attacked, with approximately 4 million USD transferred out.

7. The SEC has postponed its approval decision on BlackRock's spot Ethereum ETF's physical redemption method.

8. The SEC confirms receipt of the Bitwise spot Bitcoin and Ethereum ETF amendment regarding physical redemptions.

9. Pumpfun: More than 70 core members have already joined and plan to continue expanding the team, with the first acquisition announcement coming soon.

10. Justin Sun promises to purchase TRUMP tokens worth 100 million USD.

11. Revolut is seeking to raise $1 billion at a valuation of $65 billion.

12. The Monad Foundation will acquire the stablecoin infrastructure developer Portal Labs.

13. Thumzup incorporates 6 tokens including ETH, XRP, DOGE, etc. into a Bitcoin-dominated corporate treasury.

14. Greece has for the first time seized cryptocurrencies related to the "North Korea's $1.5 billion exchange hacking case."

15. The U.S. House of Representatives fundraising committee will discuss digital asset tax policies at the hearing on July 16.

X KOL Selected Insights

Phyrex Ni（@Phyrex_Ni): "Looking back at the data for Bitcoin, today's turnover rate is even lower than yesterday's, and the market's active sentiment continues to decline, which is completely at odds with the price's upward trend. A year ago, I wouldn't have imagined such a situation where prices are rising while trading volume is shrinking and turnover is decreasing. In simple terms, there are too few investors trading for this situation to occur. Last week, we expressed through various data that currently, it's not a lot of purchasing power that maintains the price increase, but rather a large number of investors who do not want to sell. The price rise is caused by a mismatch in supply and demand, while the actual amount of funds and purchasing power has not seen significant improvement; this is true for both spot and ETFs. There's not much to say about the support either; the price increase has made the support more solid. More investors are concentrated between $104,000 and $108,500, and the market is still waiting for a directional choice, but as long as there is no systemic risk, it should still be relatively stable."

Mr. Block (@mrblocktw): "How to understand: HyperLiquid x Phantom Understanding: HyperLiquid x Phantom This is not just a collaboration; this is an alliance at the level of Robinhood x Citadel. Phantom is now like the Robinhood of Web3, with over 15 million monthly active users, simple, easy to use, and visually appealing; while @HyperliquidX is the super Citadel behind it—all liquidity, matching, speed, and depth fully loaded. From now on, Phantom users do not need to cross-chain, nor set up anything extra; they can trade perpetual contracts with up to 40x leverage directly in the wallet interface. This changes everything. $HYPE We used to think wallets were just the entry point to Web3, but now you will find: the entry point is the strongest moat. If Phantom succeeds in this integration, its overall value will significantly increase, and HyperLiquid will be the biggest beneficiary of this wave of mass adoption. Because in the future, anyone who wants to create their own version of Robinhood can directly build on HyperLiquid. Let HyperLiquid become the Citadel of the crypto world. Let everyone have their own trading platform. Let the trading of hundreds of millions of users become a daily routine."