Crypto stays sideways as stocks cool, and Trump’s new tariff threats
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📉 Crypto flat: Bitcoin and Ethereum remain unchanged, with overall market cap down just 0.3%.
📊 Stocks cool off: Biggest names in US stock market dip after a brief rally; AMD and Rivian report today.
🌍 Tariff tensions: Trump threatens steep new tariffs, including 250% on pharma from India.
Markets remain largely unchanged this morning. Bitcoin (BTC) has barely moved, and the broader US stock market has cooled off after yesterday’s spike, which analysts say was driven by strong quarterly results from some of the S&P 500’s biggest names. The total crypto market cap is down just 0.3%, with both Bitcoin (BTC) and Ethereum (ETH) showing minimal 24-hour changes.
It’s a similar story in equities. Big names like Meta (META), Tesla (TSLA), and Microsoft (MSFT) are in the red this morning after spending Monday in the green. More earnings are expected today from AMD (AMD) and Rivian (RIVN), with McDonald’s (MCD) and Disney (DIS) reporting tomorrow.
Two key narratives are weighing on both crypto and equities: renewed tariff threats and weaker-than-expected economic data. Donald Trump stirred markets yesterday by floating new tariff threats against India, including possible pharmaceutical tariffs as high as 250%. Meanwhile, the ISM Services Index, a key gauge of US economic activity, flatlined in July, fueling talk of stagflation. Which events could knock markets out of the current sideways drift?
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.73 trillion, down 0.33% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $114,214, down 0.08% in the last 24 h
Daily high: $114,988
Daily low: $112,770
📈 S&P 500 ↘️
SPY is currently down about 0.49% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 52/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 54, in neutral territory.
Data is accurate as at 07:22 GMT, 06 August.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
