Crypto market is facing selling pressure just as the 90-day pause on Trump tariffs is likely to end soon, 13 days from now on July 9. With $17 billion options expiry on Friday, Bitcoin price holds firm at $107,500, while altcoins like Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE) anre down 2-5% as of press time.
Crypto Market Investors on Edge Before Trump-Tariffs Resume Again
As the geopolitical tensions with the Iran-Israel conflict seem to be behind us, crypto market investors are focusing on the end to 90-days of Trump tariff pause. Arthur Hayes points out to some macro developments like SLR Exemption, GENIUS Stablecoin Act, etc as key drivers for digital assets while predicting a Bitcoin all-time high soon.
As per the Deribit data, a total of 139,392 Bitcoin option contracts are set to expire on Friday, with a notional value of $14.9 billion. The put-call ratio is currently at 0.74, which shows that bulls are still in control, while the maximum pain point is at $102,000.
Recent commentary from Greek.Live also suggests that Bitcoin is seeing “mixed sentiment with traders experiencing flat or break-even results despite market momentum, with key resistance at 110k noted as a significant level that may be difficult to breach”.
On the other hand, the corporate race for BTC reserves has already kicked in with strong Bitcoin ETF inflows, highlighting strong institutional demand. So far this week, the net inflows have already crossed $1.7 billion by Thursday, with BlackRock’s IBIT leading the charge.
Trump Tariffs Into Spotlight Again, China Deal Done
The broader crypto market sentiment shows a cautious approach by investors as President Trump’s 90-day tariff suspension is set to expire in just 13 days, on July 9. Investors are waiting for any new trade agreements to be in place. Some of the key changes anticipated with Trump tariff include:
- The reimplementation of country-specific “reciprocal tariffs.”
- Tariffs of up to 50% on imports from the European Union.
- Maintenance of a global 10% baseline tariff rate.
Even since the pause on tariffs, the crypto market, along with the global markets, has rallied, with the S&P 500 climbing approximately 1,200 points since April 9th. Furthermore, US President Donald Trump and US Commerce Secretary Lutnick said that they had signed the US-China trade deal two days ago. In his address on Thursday, President Trump said:
“We’re going to open up India. In the China deal, we’re starting to open up China. Things that never really could have happened. We just signed [a trade deal] with China. We’re not going to make deals with everybody… But we’re having some great deals. We have one coming up, maybe with India — a very big one.”
Investors are waiting on the sidelines as of now, while the hopes of Fed rate cuts in July are on the rise again.
