The first response was not panic selling. It was hesitation.

This distinction matters. Because when macro risk rises but price does not break, it reveals something deeper about market positioning.

Initial Price Reaction After Tariff Announcement

The Trump administration moved forward with the tariff decision using an alternative legal framework after its previous emergency economic authority was limited by the Supreme Court of the United States. The new tariffs were implemented under the Trade Expansion Act of 1962 and the Trade Act of 1974. This structure places certain limitations on scope and duration.

The market understood that detail quickly. Bitcoin continued to trade within the $68,000 range following the announcement. There was no sharp downside break. At the same time, no aggressive upside expansion appeared either. Price compressed and held its equilibrium zone.

Sometimes, this kind of non-reaction reflects weakness. Other times, it suggests the market was already positioned defensively.

Recent price behavior shows that $68,000 has become a short-term balance level. The area has functioned as both support and stabilization over recent sessions.

The key observation is simple: macro pressure increased, but this level held.

In previous macro shocks, Bitcoin reacted much faster. That reflex is missing now. This opens two possibilities. Positioning may already be lighter. Or participants may be waiting for clearer signals before committing capital.

For now, direction remains unresolved. Ethereum reflected a similar structure. Price held near $1,977 without triggering a cascade of liquidations. This suggests excessive leverage may have already been reduced in recent weeks.

The broader altcoin market also remained relatively stable. The Total3 index, which tracks crypto market capitalization excluding Bitcoin and Ethereum, declined less than 1%. Total valuation held near $713 billion.

That restraint matters.

Because historically, altcoins showed much greater fragility during macro-driven risk events. This time, selling pressure remained limited. The market appears cautious, not broken.

Macro Risk Is Rising, But Panic Is Absent

Tariffs often trigger cascading macro effects. Inflation expectations shift. Currency strength adjusts. Liquidity assumptions change. Risk assets usually respond quickly.

But that pattern has not fully emerged here.

Derivatives data shows declining trading volume across several platforms. Open interest remains largely flat. Traders are not aggressively expanding exposure.

The market is watching. Not reacting.

This phase often precedes larger directional moves. Quiet periods rarely last forever.

Critical Level Holds, But Balance May Not Last

The $68,000 region continues to serve as a key technical zone. Its stability reflects a market that has not yet lost structural balance.

However, equilibrium zones rarely persist indefinitely. Price typically resolves in one direction or the other. Extended sideways compression tends to precede expansion.

Especially when macro uncertainty remains elevated.

Market Data Signals Ongoing Repositioning

At the time of writing, Bitcoin continues trading between $67,800 and $68,200. Volatility remained subdued during both Asian and European sessions. Funding rates across derivatives markets hovered near neutral.

This pattern reflects consolidation, not resolution. The next decisive move will likely define the medium-term trend.

Technical Structure Highlights Key Resistance at $72,000

After rebounding from $60,000, BTC attempted to reclaim the $72,000 level but failed to hold above it. Price retraced toward the $65,000 area. Despite the pullback, Bitcoin continues to hold its intermediate support zone.

However, repeated tests of support can weaken structural integrity over time.

The $72,000 level now stands as the key resistance barrier. A confirmed break and sustained hold above that region could reduce selling pressure significantly. Technical projections suggest that such a breakout may open a path toward the $86,700–$89,950 range.

Until then, broader trend uncertainty remains intact.

Market Holds Structural Support Despite Tariff Shock

The fact that Bitcoin remained near $68,000 following the tariff announcement signals underlying structural stability. Despite rising macroeconomic pressure, price has not entered disorderly decline.

Liquidity conditions and macroeconomic developments will likely determine the next directional phase.

For now, the market remains in transition. And these transition phases often prove decisive.

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This was not merely a technical legal dispute. It quietly redraws the boundary between presidential power and congressional authority over taxation and trade. And in Washington, those boundaries matter more than ever when trillions in global commerce are involved.

Why the Court intervened: A clear limit on executive authority

The US Constitution explicitly grants Congress the authority to impose tariffs and regulate trade. However, the Trump administration relied on IEEPA, a law designed to allow the president to respond to “unusual and extraordinary threats” during national emergencies.

The Supreme Court focused on that distinction. The justices concluded that while IEEPA allows economic regulation in emergencies, it does not explicitly authorize the president to impose sweeping global tariffs affecting nearly all imported goods.

This interpretation aligns with the Court’s broader approach in recent years. Under what is often referred to as the “major questions doctrine,” the Court has emphasized that policies with vast economic and political consequences require clear authorization from Congress, not unilateral executive action.

Which tariffs were struck down and which remain

Importantly, the ruling does not invalidate all tariffs imposed during Trump’s administration.

Two major categories were directly affected. The first involves country-based “reciprocal tariffs,” which ranged from a baseline of approximately 10% on most countries to as high as 34% on imports from China. These tariffs were central to the administration’s broader trade confrontation strategy.

The second category includes 25% tariffs imposed on certain goods from Canada, China, and Mexico. The administration justified these measures as part of efforts to combat fentanyl trafficking and related national security concerns.

However, tariffs imposed under different legal authorities, including those targeting steel and aluminum imports, remain in effect. In other words, the ruling limits the legal mechanism used, not the entire trade strategy itself.

The $130 billion question: Will businesses receive refunds?

According to US Customs and Border Protection data, the now-invalidated tariffs generated approximately $130 billion in revenue. That number alone highlights the enormous financial implications of the Court’s decision.

Businesses that paid these tariffs may now seek refunds. Importers across multiple industries—including manufacturing, consumer goods, and wholesale distribution—could potentially recover billions of dollars.

Such refund claims typically involve lengthy legal and administrative processes. But even the possibility of reimbursement has already begun influencing corporate expectations and financial planning.

Market reaction: Risk assets find support

Financial markets responded quickly to the ruling. Companies heavily dependent on imported goods saw improved outlooks as expectations shifted toward lower import costs.

Lower tariff burdens could ease pricing pressures across supply chains. That, in turn, may reduce inflationary pressure on certain goods, at least in the near term.

The US dollar, meanwhile, faces a more complex outlook. Reduced tariffs may weaken certain structural trade advantages, potentially placing modest downward pressure on the currency over time.

Risk-sensitive assets, including equities and cryptocurrencies, tend to benefit when trade tensions ease. Early market signals suggest that investors are beginning to price in a less restrictive trade environment, though uncertainty remains.

The administration may pursue alternative tariff paths

Despite the setback, the Trump administration retains options. Officials may attempt to reintroduce tariffs using alternative legal authorities that more clearly authorize such actions.

This means the broader trade conflict framework is not necessarily over. Instead, the legal pathway has narrowed, forcing future tariff decisions to rely more directly on congressional authorization or different statutory tools.

Washington’s institutional balance has shifted, at least for now. The Supreme Court has reinforced the constitutional role of Congress in shaping trade policy, while placing meaningful limits on emergency executive economic authority.

Following the decision, global trade expectations began adjusting almost immediately. Import cost projections shifted downward, while uncertainty surrounding future tariff strategies remains elevated.

Markets are recalibrating in real time. The immediate tone suggests relief, but the longer-term trajectory will depend heavily on how policymakers respond.

One thing is already clear: the Supreme Court has reshaped the legal foundation of US tariff policy. And that shift will influence executive power, global trade, and financial markets for years to come.

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Gold Approaches Historic Levels

Gold’s momentum shows no signs of slowing. Spot gold reached $4,874, and after three consecutive sessions of gains, it is testing the critical $4,900 threshold. Some analysts argue this could be a short-term move, yet the market increasingly reflects metals regaining value.

At this point, global liquidity pressures play a key role. Risky assets like cryptocurrencies and tech stocks are under pressure, while safe-haven assets such as gold and commodities benefit.

Cowen’s Take: Metals vs Crypto

Benjamin Cowen summarizes the situation:

“In 2025, metals outperformed cryptocurrencies, and 2026 is likely to follow the same pattern. When metals eventually correct, cryptocurrencies could fall further.”

He also cautions altcoin investors:

“Altcoins are not long-term investments. Bear markets teach us to restart and focus on what truly matters.”

Institutional Voices and Market Guidance

Goldman Sachs’ Daan Struyven reaffirmed the bank’s confidence in gold. According to their base case, gold could reach $4,900 per ounce, with upside risks still present. Not only individual investors, but institutional players are closely watching this movement.

Geopolitical Risks Keep Markets on Edge

Geopolitical tensions add another layer of stress. Trump reiterated that he will not back down on Greenland and threatened a 10% tariff on imports from eight European countries starting February. Everyone in the market is talking about this threat. At Davos, Macron and EU officials are preparing countermeasures. France’s President directly criticized Trump’s tactics, while the EU plans a $100+ billion retaliation package. At this point, no agreement has been reached, and uncertainty remains high.

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Trump said China, India, and Brazil are challenging the U.S. with their tariffs. He also noted that the stock market’s recent decline is due to uncertainty. Moreover, he highlighted the urgent need for a decision on tariffs. If the appeal is rejected, he would have to roll back tariffs. 

Tariff Appeal and Economic Impact 

Trump mentioned an “emergency meeting” scheduled for tomorrow regarding the tariff decision. He stressed that the country cannot face serious issues without tariffs. The president warned that losing the appeal would be economically catastrophic. He added that the stock market needs tariffs and that they are essential. 

Trump also stated that a significant interest rate cut is necessary. This move, he said, could stabilize the economy. He concluded that a negative ruling from the appeal court would place a heavy financial burden on the nation. 

International Relations and President’s Remarks 

Trump expressed disappointment regarding Russia’s President Putin. On the other hand, he is not worried about relations with China or Russia. “They would never use their military against us,” he said. Additionally, he denied all rumors about his health circulating in the media. 

Overall, Trump’s statements highlight critical economic and trade concerns. The upcoming emergency meeting and tariff decisions will have major implications for investors and the broader U.S. economy. 

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On Tuesday, the Trump administration extended the tariff delay on Chinese goods by 90 days. At the same time, it imposed aluminum tariffs on more than 400 products, ranging from wind turbines to construction equipment. These decisions increased concerns among trade groups such as the National Foreign Trade Council (NFTC), which stated that tariffs are delaying growth and disrupting operations. 

U.S. Commerce Secretary Invests in Bitcoin Funds 

According to SEC filings cited by Sludge, Lutnick’s firm Cantor Fitzgerald invested $120.7 million in the Fidelity Wise Origin Bitcoin Fund (FTBC). He also allocated $116.8 million to Robinhood shares. In addition, Cantor took positions in Tesla, AMD, and Alibaba. Analysts say these picks include investments both resilient to trade policies and potentially benefiting from tariffs. 

On July 8, Lutnick obtained a waiver allowing him exemption from conflicts of interest. This waiver enabled him to participate in decisions directly affecting Cantor Fitzgerald. Financial policy expert Bartlett Naylor described the case as a striking example of conflict of interest. 

Conflict of Interest Debates in the Trump Administration 

Similar cases emerged among Trump’s close circle. Crypto and AI advisor David Sacks sold a $200 million crypto investment at the start of Trump’s second term but soon received a waiver similar to Lutnick’s. His venture capital firm, Craft Ventures, invested $22 million in U.S.-based AI company Vultron on July 11. This investment accelerated the firm’s growth as it pursued federal contracts. 

U.S. Treasury Secretary Scott Bessent, meanwhile, claimed tariffs would bring $300 billion to the budget. However, economists disagreed, citing supply chain uncertainty. A Yale University report stated tariffs would raise prices by 1.8% in the short term, costing households $2,400 annually. 

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According to Lookonchain data, the selloff included 2,373 ETH worth $8.32 million, 7.76 million ENA worth $4.62 million, and 38.86 billion PEPE tokens valued at around $414,700. The move came shortly after Bitcoin’s price dropped to $112,731 within 24 hours, signaling that Hayes anticipated the dip in advance. 

Meanwhile, Julio Moreno, Head of Research at CryptoQuant, stated that Bitcoin has entered the third major profit-taking phase in its current bull cycle. Historically, such phases often mark a correction period that precedes a renewed upward trend. 

Arthur Hayes(@CryptoHayes) sold 2,373 $ETH($8.32M), 7.76M $ENA($4.62M) and 38.86B $PEPE($414.7K) in the past 6 hours.https://t.co/1HymJRPhcj pic.twitter.com/MoJNKUjJaQ

— Lookonchain (@lookonchain) August 2, 2025

Strategic Pullback or Simple Profit-Taking? 

Hayes’ decision appears at odds with his previous bullish outlook. He had predicted Ethereum would eventually reach $10,000, while consistently advocating for rapid altcoin adoption. The recent divestment could suggest a more cautious repositioning rather than a complete shift in sentiment. 

Interestingly, just weeks prior, Hayes had acquired ENA tokens worth $1.5 million at lower prices. This indicates he remains active in early-stage projects, maintaining a broader long-term crypto investment strategy. Despite the selloff, his confidence in the market’s growth potential seems intact. 

In addition, it’s not just Arthur Hayes adjusting positions. Institutional players are also retreating. Spot Bitcoin ETFs witnessed $812 million in net outflows—the second-largest single-day withdrawal on record. Fidelity’s FBTC fund led the exodus with a $331 million pullback. 

Spot Ethereum ETFs also reported notable outflows, reflecting broader investor caution. This trend suggests risk appetite is decreasing and that investors are bracing for further market volatility. 

Global Headwinds Build as Hayes Waits on the Sidelines 

Hayes’ recent sell decisions might also reflect macroeconomic factors rather than crypto-specific concerns. The White House has announced new tariffs targeting over 60 countries, set to take effect on August 7. The U.S. Federal Reserve warns this could drive inflation higher. Hayes had previously cautioned investors about geopolitical shocks creating heightened volatility. 

Thus, his selloff—particularly in ETH and PEPE—may not signal a bearish reversal, but rather a temporary repositioning. Hayes appears to be stepping back from short-term turbulence while staying invested in the long-term potential of select altcoins. 

This approach reinforces a fundamental principle in investing: risk management remains critical, even in bullish markets.

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Gate.io announced the presale of Pump.fun’s PUMP token with a $600 million target set for July 12. However, all announcements were quickly removed. Meanwhile, Bit Digital (BTBT) sold all of its Bitcoin holdings and shifted its treasury entirely to Ethereum. The company now holds 100,603 ETH worth $254.8 million, making it one of the largest publicly listed ETH holders. 

Market Cap and Technical Levels in Motion 

The total market cap dropped by $20 billion in the past day, falling to $3.30 trillion. Since July 3, TOTAL has been trading within a narrow range between $3.35 trillion resistance and $3.27 trillion support. This reflects uncertainty among market participants. 

If buying momentum strengthens, the $3.35 trillion resistance could be broken, potentially pushing the market cap to $3.44 trillion. However, this scenario requires a notable increase in buying activity. Conversely, if selling pressure rises, TOTAL may fall below the support level to $3.22 trillion, leading to broader market losses. 

Trump’s Tariffs and Market Impact 

Bitcoin price declined 1% today to $108,206. Interestingly, daily trading volume rose by 15% to $44 billion, indicating rising sell pressure in the market. A falling price coupled with increasing volume suggests panic selling by investors. 

On July 7, U.S. President Donald Trump sent letters announcing new tariffs between 25% and 40% to 14 countries. Initial letters were sent to South Korea and Japan, followed by similar messages to 12 more countries, including Tunisia, Kazakhstan, Serbia, Bosnia, Myanmar, Laos, Bangladesh, Malaysia, Cambodia, Thailand, Indonesia, and South Africa. Trump emphasized concerns over trade deficits and warned of additional tariffs if retaliation occurred. 

Economist Peter Schiff described Trump’s action as a fundamental misunderstanding of trade. According to Google Finance, crypto-related stocks like MicroStrategy and Robinhood declined, with Bitcoin mining stocks suffering even greater losses. 

The tariffs also affected U.S. stock markets. CNN data showed the Dow Jones fell by 422 points, the S&P 500 by nearly 50 points, and NASDAQ by 189 points—indicating a correlation between market volatility and tariff news. 

In the past, the U.S.–China trade war had pushed Bitcoin below $80,000. The new tariffs are expected to take effect on August 1. In addition, reduced expectations of a Fed rate cut further reinforce the downward trend. 

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Israel-Iran Crisis Takes Center Stage

British Prime Minister Keir Starmer emphasized that all G7 leaders are aligned in their goal to de-escalate the Middle East conflict. “The risk of escalation is obvious. Its implications go far beyond the region,” he said. German Chancellor Friedrich Merz stated that Germany is preparing a joint statement that will underscore: “Iran must not be allowed to obtain nuclear weapons-capable material under any circumstances.”

Trump Pushes for Talks — And for Expansion

Donald Trump, arriving with a bold posture, called for immediate talks between Israel and Iran. “They should talk, and they should talk immediately,” he told reporters. Trump also reignited old debates, calling the removal of Russia from the group in 2014 a “mistake” and suggesting that China should be added to the G7. His focus, however, remained firmly on trade: “Our primary focus will be trade,” Trump asserted.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Yet these statements contrast sharply with G7 principles. The U.S. president’s widespread tariffs — up to 25% on steel, aluminum, and autos — have frustrated allies like Japan, Mexico, and Canada. Many fear this protectionist approach undermines the cooperative spirit the G7 was built upon.

Trade Wars Cloud Diplomatic Efforts

While security concerns dominate headlines, Trump’s trade policy looms equally large. The administration’s unilateral tariffs have not only impacted allied economies but also strained trust. Canada’s Prime Minister Mark Carney warned that the U.S. could no longer be viewed as a reliable partner. With no joint communiqué expected from the summit, it’s clear this year’s G7 lacks consensus — and unity.

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Setback for Boeing’s Struggling 737 Line

Roughly 10 Boeing 737 planes were expected to be delivered to Chinese carriers, including two each for China Southern Airlines, Air China, and Xiamen Airlines. Some jets with completed delivery paperwork may still be allowed entry on a case-by-case basis, sources said.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

China’s Growing Influence in Aviation

The decision is another blow to Boeing, which is already dealing with safety scandals and declining orders. Despite being expected to fulfill 20% of global aircraft demand in the next 20 years, China hasn’t placed a new Boeing order in recent years.

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Cipolaro noted that crypto perpetual futures funding rates have remained consistently positive. Despite a $480 million liquidation occurring on April 6–7 following Trump’s tariff announcement on April 2, this figure is considered minor compared to previous major sell-offs. Meanwhile, Tether (USDT) briefly dipped below its $1 peg but avoided a sharp depreciation.

Trump’s sweeping tariffs on all nations, introduced on April 2 and enforced on April 9, were delayed just hours later for 90 days. The U.S. imposed a 10% base tariff on countries excluding China, which still faces tariffs of up to 145%. These sudden shifts injected a new layer of uncertainty into both traditional and digital asset markets.

Bitcoin Resists Volatility, Gains Role as Safe Haven

While not entirely immune to volatility, Bitcoin has performed far better than many other asset classes in recent weeks. Cipolaro highlighted that BTC is down 22.5% from its mid-January high of $108,000, but has traded mostly flat over the past 24 hours — indicating a phase of relative stability.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Cipolaro suggests that investors are increasingly seeking store-of-value assets not tied to fiat currencies or sovereign risk, driving further interest in Bitcoin. Notably, risk-parity portfolio funds are beginning to add Bitcoin into their asset mix, drawn by its decreasing volatility. This trend could help Bitcoin become even more stable, supporting wider institutional adoption over time.

Technical Indicators Flash Caution: Death Cross Ahead?

On the technical side, YouHodler’s Chief of Markets Ruslan Lienkha raised a red flag in an April 12 note. According to Lienkha, both Bitcoin and the S&P 500 are potentially forming a “death cross” — a bearish chart pattern where the 50-day moving average crosses below the 200-day average. This signal is often interpreted as a warning of medium-term downward pressure.

Lienkha warned that without a clear macroeconomic catalyst or positive momentum, markets may struggle to sustain upward movement in the coming weeks.

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