Recently, there have been significant adjustments in international economic policies, attracting market attention. The U.S. President has implemented new tariff measures, imposing rates ranging from 10% to 41% on goods from multiple countries, with tariffs on Canada increasing from 25% to 35%. This initiative aims to strengthen the protection of domestic manufacturing.

Meanwhile, economic data shows that the core PCE price index rose 2.8% year-on-year in June, reaching a five-month high, surpassing market expectations. However, consumer spending has slowed, real disposable income has remained unchanged, and the savings rate has maintained at 4.5%.

The Federal Reserve kept interest rates unchanged this week, marking the fifth consecutive time it has maintained the status quo. Notably, two governors unusually supported a rate cut, which is the first time in over thirty years. The Federal Reserve Chairman emphasized that the labor market remains central to policy-making, with the unemployment rate becoming a key indicator. The market is highly focused on the upcoming non-farm payroll data, which could affect the likelihood of a rate cut in September.

In the cryptocurrency space, Bitcoin experienced a brief decline, dropping below $115,000 at one point, but then rebounded to above $115,500. Analysts point out that $114,000 is an important support level, and a drop below this could lead to further deterioration in the market. To achieve an upward trend, it needs to break through the resistance level of $118,000. Fundamental data shows that the buy-sell ratio for institutional buyers has reached 100:1 over the past six weeks, spot ETFs have resumed net inflows, and the White House's strategic reserve plan has also supported market sentiment.

Ethereum also experienced similar fluctuations, briefly dropping to around $3600 but then rebounding to $3682. Despite market volatility, positive signals from institutional investors continue to persist.

In terms of regulation, Hong Kong has begun to implement the "Stablecoin Ordinance," which is seen as an important milestone in the large-scale commercial deployment of stablecoin technology. This move could have far-reaching implications for the global cryptocurrency regulatory landscape.

Overall, the global economy and the cryptocurrency market are in a complex environment, with policy changes, economic data, and market sentiment interwoven. Investors need to closely monitor the interactions of these factors and their potential impacts.