VISI.NEWS | BANDUNG – Bitcoin saw a slight uptick on Wednesday, continuing its tepid movement as investors tread cautiously amid fresh U.S. tariff announcements and in anticipation of a critical week for crypto regulation mid-July.
The world’s largest cryptocurrency rose 0.4% to $108,720.20 as of 1:25 p.m. local time, extending a largely flat trading pattern observed since last week. Market participants have remained on the sidelines due to ongoing uncertainty surrounding U.S. trade policies.
Investors Brace for Trump’s Tariff Offensive
On Tuesday, former President Donald Trump announced plans to impose a 50% tariff on copper imports and signaled that long-promised duties on semiconductors and pharmaceuticals would follow soon. This came a day after the Trump administration began dispatching formal tariff notices to 14 countries, warning that higher duties—some up to 40%—would be effective starting August 1. Japan and South Korea face a flat 25% tariff on all goods.
In a social media post late Tuesday, Trump said that at least seven countries involved in trade negotiations would be publicly identified Wednesday morning, with more to be revealed later in the day. He provided no further details, heightening investor caution.
The new wave of tariffs has raised fears of a potential global economic slowdown, prompting a retreat from riskier assets such as cryptocurrencies.
Focus Shifts to Washington’s “Crypto Week”
Looking ahead, market attention is turning to “Crypto Week,” starting July 14. U.S. lawmakers are expected to advance at least three major bills aimed at establishing a regulatory framework for digital assets. The outcome of these discussions could provide much-needed clarity for crypto investors and institutions.
Trump Media Proposes New Crypto ETF
Meanwhile, Trump Media & Technology Group Corp (NASDAQ: DJT) submitted a filing to the U.S. Securities and Exchange Commission (SEC) on Tuesday seeking approval to launch a new crypto-based exchange-traded fund (ETF), dubbed the “Crypto Blue Chip ETF.”
The proposed product would include a basket of top-tier digital assets such as Bitcoin, Ethereum, Solana, and Ripple, offering mainstream investors indirect exposure to the crypto market. If approved, it would mark the company’s latest foray into digital finance, following two ETF proposals submitted last month.
Altcoins Surge as Broader Crypto Market Strengthens
Altcoins broadly rallied on Wednesday, buoyed by Bitcoin’s mild gains. Ethereum, the second-largest cryptocurrency, jumped 2.6% to $2,626.69, while XRP surged 3.2% to $2,337. Solana and Cardano climbed 2.4% and 3.5%, respectively, and Polygon led the altcoin rally with a 7.2% leap.
Among meme tokens, Dogecoin rose 2.4%, while the Trump-linked $TRUMP token gained 1.6%.
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