Market Overview - The cryptocurrency market experienced significant volatility on July 2, with Bitcoin dropping over 1.5%, Ethereum over 3%, and Cardano over 5% at one point. However, the losses narrowed later in the day [1][2] - Over 100,000 traders were liquidated in the cryptocurrency market within 24 hours, with a total liquidation amount of $261 million, primarily from long positions [3] Legislative Impact - The U.S. Senate passed the "Big and Beautiful" tax and spending bill on July 1, raising concerns about the potential increase in the U.S. fiscal deficit and the risk of government default if the spending cap is not raised later this year [3][4] - The bill includes extensions of tax cuts from Trump's first term, cuts to Medicare and nutrition assistance, and significant funding for immigration enforcement and defense [4][5] Economic Projections - The Congressional Budget Office estimates that the Senate version of the bill could increase the U.S. deficit by $3.3 trillion from 2025 to 2034, with modifications to healthcare programs potentially increasing the uninsured population by nearly 12 million by 2034 [6] Market Sentiment - The market sentiment remains cautious, with investors awaiting key economic data releases, including initial unemployment claims [3] - Cryptocurrency-related stocks also saw declines, with notable drops in companies like MicroStrategy and Coinbase, reflecting the overall risk-off sentiment in the market [3]
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券商中国·2025-07-02 11:49