Musk Responds to Trump's Comment on Government Efficiency Department Should Focus on Subsidies: Government subsidies should be "completely eliminated, do it now"

On July 1st, due to the uncertainty regarding US trade and fiscal policies, the US dollar dropped to its lowest level since February 2022. The suspension of retaliatory tariffs by US President Trump is set to end on July 9th. Meanwhile, the US Senate is engaged in a marathon voting process on Trump's tax and expenditure bill. Prior to the release of this week's crucial US employment market data, investors have become more cautious. These data encompass the JOLTs job opening data which is scheduled to be released on Tuesday and the non-farm payroll report which will be released on Thursday. Deutsche Bank analyst Volkmar Baur stated in a report that if the data is significantly below expectations, it will increase the likelihood of a Fed rate cut in July and could lead to a further weakening of the US dollar. (IG)

On July 1st, as per sources with knowledge of the matter, Deutsche Bank AG intends to launch its digital asset custody service in the following year (2026) and has invited the technical department of the cryptocurrency exchange Bitpanda to assist in the construction of this service. It was stated that the bank's corporate banking division initially made public the custody business plan in 2022 and is currently continuing to collaborate with the Swiss technology provider Taurus SA to advance this project. These sources, while discussing confidential plans, requested anonymity. The progress of this custody service comes at a time when major financial institutions are increasingly focusing on crypto assets. The newly established European crypto regulatory framework and the gradual shift in the US towards a more favorable environment have kindled greater interest from traditional institutions in digital assets. The price of Bitcoin has been on a steady upward trend since Trump's re-elect

On July 1st, Binance Alpha has now listed EGL1. Currently, EGL1 has a market capitalization of $66 million and a 24-hour price increase of 22.18%.

On July 1st, according to market information: The Department of Government Efficiency (DOGE) within Trump's administration put forward the proposal to center on the policies of the U.S. Securities and Exchange Commission, encompassing Special Purpose Acquisition Company (SPAC) and private fund regulations. (Golden Ten)

July 1st. According to the "Guardian" and Agence France-Presse, Eric Trump, the second son of US President Trump, recently indicated that either he or other members of the Trump family might run for the US presidency after his father's second term in the White House. The report pointed out that the 41-year-old Eric is the Executive Vice President of the Trump Organization. Since his father first entered the White House in 2017, he has mainly kept away from politics and concentrated on the operations of the family business. However, in an interview with the "Financial Times", he said that if he decides to enter politics, the "political path would be very smooth." (Kin 10)

On July 1st, HTX Researcher Chloe pointed out that by July 1st, the 24-hour spot trading volume of the cryptocurrency market had dropped to approximately $1.04 trillion, which was a decrease of more than 20% from the beginning of June. Bitcoin was maintaining a consolidation around $107,000. As the July 9th deadline for U.S. tariffs was approaching, the market was concerned that the increase in import costs and the tightening of U.S. dollar liquidity would restrain risk appetite. The "Pennsylvania Plan" proposed by Deutsche Bank has started to attract attention. This plan aims to attract domestic support for government bonds through regulatory exemptions, tax incentives, and stablecoin legislation, and promote the popularization of USD stablecoins. On-chain data shows that the demand momentum index has dropped to a historical low. Miner revenue is declining and selling pressure is rising. In terms of derivatives, the open interest in Bitcoin options remains at a high of $90 billion,