US Announces New Tariff Rates – Tornado Cash Case Officially Ends

US Announces New Tariff Rates

US President Donald Trump announced that he would postpone the entry into force of higher tariffs on imports until August 1. However, new tax rates were announced in official letters sent to 14 countries including Japan, South Korea, Thailand and Indonesia. These countries face rates ranging from 25% to 40%. The tariffs, previously scheduled to go into effect on July 9, were postponed in the hope of reaching an agreement. Trump said, “The date of August 1 is definite, but it is not 100%,” signaling that some countries may be given additional time.

Trump’s goal is to protect American manufacturers and increase employment. However, economists argue that these steps will increase consumer prices and negatively affect global trade. Japan and South Korea aim to reach an agreement with lower rates by intensifying negotiations. These developments increased concerns that the trade war could escalate again, and markets reacted with a decline at the beginning of the week. The White House announced that similar letters will be sent to other countries.

Tornado Cash Case Officially Ended
The US Court of Appeals has officially ended the ongoing lawsuit between the Treasury Department and Coin Center over sanctions against Tornado Cash. The parties requested that the case be dismissed in a joint petition filed last week. Coin Center Director Peter Van Valkenburgh stated that with this development, the legal battle over Tornado Cash sanctions has ended and the government has stopped defending its “overly broad interpretations.”

OFAC (Office of Foreign Assets Control) added Tornado Cash to its sanctions list in 2022, which prohibited US citizens and companies operating in the US from conducting financial transactions with the platform. However, a federal appeals court later ruled that these sanctions were excessive. In March 2025, OFAC lifted the Tornado Cash sanctions. The government said the step back “invalidates” the appeal process, thus closing the case.

SEC Accepts Trump’s Truth Social Bitcoin and Ethereum ETF Application

The U.S. Securities and Exchange Commission (SEC) has officially accepted Trump Media’s application for a Bitcoin and Ethereum spot ETF submitted through Truth Social. This development means that the SEC has now begun the formal process of evaluating the application and deciding whether to approve it. The Truth Social ETF, which will be traded on NYSE Arca, will be 75% Bitcoin and 25% Ethereum.

In other news, the SEC has once again delayed Fidelity’s spot Solana ETF application and launched a new public comment period. Bloomberg ETF analyst James Seyffart evaluated the SEC’s request for applicants to update their documents by the end of the month as a sign of progress on crypto-asset-backed exchange-traded funds. Seyffart emphasized that this does not mean direct approval, but the interaction between the SEC and the applicants is a positive signal.

Trump’s Crypto Working Group to Submit Report on July 22

US President Donald Trump’s Digital Asset Markets Working Group must submit a comprehensive federal regulatory proposal report on digital assets by July 22. The report will address stablecoin regulations, market supervision, consumer protection, and inter-agency jurisdictional conflicts such as the SEC-CFTC. The establishment of a digital asset reserve and the management of Bitcoin assets will also be evaluated.

The working group operates under the National Economic Council and is chaired by White House crypto advisor David Sacks. The report is expected to have significant implications for the integration of digital assets with the traditional financial system, custody services, and clarification of legal frameworks. In addition, the Trump administration, which has banned the development of Central Bank Digital Currencies (CBDCs) at the federal level, aims to protect individual privacy and financial sovereignty.

Strategy to Sell $4.2 Billion of STRD Stock for Bitcoin Purchases

Strategy (formerly MicroStrategy) has launched an at-the-market (ATM) program to sell $4.2 billion worth of Series A Perpetual Stride Preferred Stock (STRD). The proceeds will be used for general corporate spending and specifically for Bitcoin purchases.

The company plans to sell STRD shares gradually and according to market conditions. Strategy, which has paused its aggressive Bitcoin purchases in the last three months, did not purchase BTC between June 30 and July 6. The firm, which currently holds 597,325 BTC, holds 2.8% of the total supply, worth over $65 billion. The STRD program is part of the company’s goal of raising $84 billion in capital by 2027.

Metaplanet’s Bitcoin Treasury Exceeds 15,555 BTC

Japan-based Metaplanet has purchased 2,205 more Bitcoin, bringing its total BTC holdings to 15,555. The latest purchase was valued at about 34.49 billion yen ($213 million), with an average price of 15.64 million yen. The company’s total Bitcoin investment now stands at 225.82 billion yen ($1.38 billion).

In the quarter ended June 30, Metaplanet reported a 95.6% return on its “BTC Yield” metric, which measures Bitcoin growth per share, compared to 309.8% in the previous quarter. The company also reports additional metrics such as “BTC Gain” and “BTC Yen Gain” to give investors a clearer picture of the strategy’s impact.

Russia Takes Steps to Registrate and Tax Crypto Mining

Russia has launched a national mining equipment registration system in an effort to regulate and tax crypto mining. The system, developed in collaboration with the Ministry of Energy, the Ministry of Digital Development, and the Federal Tax Service, requires registration of all mining rigs and monitoring of their energy consumption.

The authorities said the move is particularly important in reducing illegal energy consumption in Bitcoin mining and increasing tax revenues by legalizing the sector. The new regulation aims to make mining operations more transparent and regulated.

CoreWeave to Acquire Core Scientific in $9 Billion Stock Swap

AI and cloud infrastructure company CoreWeave will acquire crypto mining data center operator Core Scientific for an all-stock deal of approximately $9 billion. Under the deal, each Core Scientific share will be exchanged for 0.1235 CoreWeave shares, representing a premium of approximately 66% at $20.40 per share.

The transaction is subject to approvals, which are expected to close by the end of the year. The acquisition will gain CoreWeave 1.3 gigawatts of power capacity and will eliminate more than $10 billion in rent costs over the next 12 years. Following the agreement, CoreWeave shares fell 4%, while Core Scientific shares fell 14.7%.

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BITCOIN (BTC)

BTC is trading at $108,215 as of the morning hours, down 0.04%. The $107,827 level stands out as support in the short term. If it remains below this level, the $105,984 and $104,750 support levels may come to the fore, respectively. In upward movements, the $108,500, which first coincides with the trend line, followed by $110,507 and $111,924 levels are watched as strong resistance areas. If the price cannot overcome these resistances, the current horizontal trend may be maintained.

btc icrypex 08-07-2025

ETHEREUM(ETH)

ETH is priced at $ 2,552 as of the morning hours with a 0.39% gain in value. The first resistance zone in upward movements stands out as the $ 2,590 level. If this level is exceeded, the $ 2,730 resistance can be targeted. In downward pricing, the $ 2,466 level is followed as the first important support. If this support is maintained below, the $ 2,392 and $ 2,285 levels may come to the fore. If the price continues to be stuck in the narrow band, it can be evaluated that the horizontal movement may continue for a while.

eth icrypex 08-07-2025

RIPPLE(XRP)

XRP is priced at $ 2.2639 as of the morning hours with a 0.30% loss in value. The first resistance zone in upward movements is followed as the $ 2.3378 level. If this level is exceeded, the $ 2.3944 band may come to the fore as the next resistance zone. In downward pricing, the $ 2.2122 level is the first important support. If closings come below this level, the $ 2.1709 and $ 2.08 support ranges may be tested again.

xrp icrypex 08-07-2025

AVALANCHE(AVAX)

AVAX is trading at $17.81 levels with a 0.94% loss as of the morning hours. The price is trading close to the $17.61 support again after failing to clear the $18.69 resistance.

The descending trend line continues to pressure. It seems difficult for an upward movement to last before the breakout. In case of closing below the $17.61 level, the price may pull back towards the demand zone between $16.44-$15.60.
In order for an upward movement to begin, both the trend resistance and the $18.69 level must be overcome. In this case, the first target may be the $19.86 band.

avax icrypex 08-07-2025

SOLANA(SOL)

SOL is traded at $ 149.18 as of the morning hours with a 0.19% gain in value. While the price continues to remain under pressure from the falling trend line in the short term, the effort to hold on above the $ 145.18 support draws attention.

On the chart, the resistance at $ 157.80 and the $ 162.08 band above it stand out as critical areas for upward attacks. However, the falling trend must be broken for the rise to continue. Otherwise, the price may retreat to the $ 145.18 – $ 141.56 support zone again.

sol icrypex 08-07-2025

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