Kashkari: Inflation is currently too high.
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10x Research: HYPE's current valuation is too high; traders may consider taking profits and exiting the market.
According to Odaily Odaily, 10x Research published an article on the X platform stating that Bitcoin is currently still in a downtrend structure. Although Federal Reserve Chairman Warsh's avoidance of questions related to interest rate hikes led to a corrective rebound in the market, they believe the final low of this round of price action has not yet been reached. 10x Research points out that the more noteworthy trend this week is the rotation of funds. While Bitcoin continues to weaken, a number of small-cap tokens have risen above their 30-day moving averages, significantly outperforming the broader market. This is typically a signal that funds are beginning to rotate. Furthermore, 10x Research believes that the current valuation of Hyperliquid token HYPE is still too high, and it is not recommended to continue holding it. Traders may consider taking profits and exiting the market, and turning to other assets with more favorable trends to prepare for the next round of upward movement.
Warsh: Inflation risks have decreased.
According to Mars Finance, on July 1st, Federal Reserve Chairman Warsh stated that the rate of change in the improvement speed of artificial intelligence models is exponential. The United States may become the biggest winner in the field of artificial intelligence. This is not a zero-sum game. Currently, artificial intelligence companies are investing in the future, and their expectation is that the supply side will expand. The United States is not afraid of productivity-driven economic growth. We are still in the first or second phase of this transformation. There are significant questions about the timing of the impact of artificial intelligence on employment. In addition, Warsh stated that progress must be made in both employment and price stability. The labor market is stable, and economic demand is strong. Inflation expectations have declined over the past four weeks. We are seeing prices being too high. We will achieve price stability. There may be news next week regarding the appointment of the heads of the various task forces. Inflation expectations and inflation risks have both declined in recent weeks; at the same time, he reiterated that the Federal Reserve is committed to reducing the inflation rate to the 2% target level. "In the first few weeks of this period, inflation expectations have declined, and inflation risks have also decreased accordingly," Warsh said. "If anyone in households, businesses, or financial markets thinks the Federal Reserve will be comfortable with an inflation target above 2%—they're in for a bad surprise: we will ensure price stability in the United States." (Jinshi)
The Dow Jones Industrial Average hit a new intraday record high and is currently up 0.79%.
According to BlockBeats, on July 2nd, based on BIT (bit.com) market data, the Dow Jones Industrial Average hit a new intraday record high and is currently up 0.79%.
Warsh will make his first appearance at the Global Central Bank Forum today, and the market is focused on his comments on inflation and interest rates.
According to BlockBeats, on July 1st, Federal Reserve Chairman Kevin Warsh will participate in a policy panel discussion at the European Central Bank's "Global Central Bank Forum" at 21:30 Beijing time on Wednesday, and will speak alongside ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Macklem. This will be Warsh's first public appearance since chairing his first FOMC meeting last month, and the market is trying to glean clues about his policy direction from his remarks. The market is focused on whether Warsh will signal his assessment of inflation, his policy communication style, and whether he will maintain a hawkish stance. However, expectations for clear guidance on the interest rate path are likely to be dashed. Warsh has previously expressed reservations about forward communication tools, believing they offer limited assistance in policy implementation and favoring reduced communication. IMF Chief Economist Pierre-Olivier Gourinchas stated that strong forward guidance could lock central banks into a specific future action, limiting policy flexibility. Krishna Guha, head of central bank strategy and economics at Evercore ISI, said the market will be watching how Warsh breaks down the components of inflation, including falling oil prices, changes in inflation expectations, commodity price movements, a stronger dollar, and the cost spillover effects of AI. The US core PCE price index rose to 3.4% in May, the highest since October 2023, and investors expect Warsh to reiterate the Fed's commitment to price stability. Warsh's hawkish remarks at the Fed meeting press conference have already impacted the bond market, with the 2-year Treasury yield rising and the 10-year Treasury yield falling from about 4.5% to about 4.3%. The market is currently pricing in an 80% probability of a September rate hike. Guha stated that if Warsh believes it needs to establish policy credibility through rate hikes, taking action once in July and once in September would help complete the adjustment before the midterm elections; however, it is more likely that Warsh is still assessing whether it is necessary to strengthen credibility through rate hikes, and therefore the July meeting may not result in immediate action.
Qatari Foreign Ministry spokesperson: There are currently no plans for a high-level meeting between the US and Iran.
According to Mars Finance, on June 30, a spokesperson for the Qatari Ministry of Foreign Affairs stated that US Presidential Envoy Witkov and Trump's son-in-law Jared Kushner will travel to Qatar to meet with mediators to discuss negotiations; there are currently no plans for a high-level meeting between the US and Iran.
SpaceX was officially included in the Nasdaq 100 index this week; historical warnings point to post-inclusion volatility. TeraWulf's Q1 HPC leasing revenue surpassed mining's high-margin annualized revenue of $630 million for the first time.
According to ChainCatcher and BBX data, the world's largest IPO completed its index inclusion milestone yesterday, marking a historic turning point in the valuation logic of mining companies' AI transformation. Key developments are as follows: SpaceX, Inc. (NASDAQ: $SPCX) was officially included in the Nasdaq 100 index this week, becoming the first company in history to have its largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The previous two largest additions to the index—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a period of decline after inclusion, rather than initiating a new round of growth." Analysts pointed out that passive funds tracking the Nasdaq 100 completed a "forced buy" at the time of inclusion, and without new fundamental catalysts, the stock price often corrects after the technical buying subsides. SpaceX currently faces specific risks including: a net loss of approximately $4.27 billion in Q1 2026 (primarily due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains its fair value estimate of $62 per share, implying a downside of approximately 70% from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, custodied in Coinbase Prime), Nasdaq 100 inclusion will trigger larger-scale SPCX holdings by passive funds, further narrowing the indirect exposure of traditional index investors to Bitcoin assets. According to the latest analysis, TeraWulf Inc. (NASDAQ: $WULF) reported $21 million in high-performance computing (HPC) leasing revenue in Q1 2026, accounting for approximately 62% of its total revenue of $34 million. This marks the first time TeraWulf has surpassed Bitcoin mining revenue—a historic reversal in revenue structure since its transformation into an AI/HPC infrastructure company. This represents a 117% increase compared to the $9.7 million in HPC revenue in Q4 2025. The company currently has AI/HPC leases totaling over 522 megawatts signed with Core42 and Fluidstack, with an expected annualized high-margin revenue of approximately $630 million. Its energy mix consists of nuclear power and hydropower, with an average electricity cost of approximately $0.035/kWh, among the lowest of its peers in the mining industry. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid connection capacity; analysts have significantly raised their target price range, with Keefe Bruyette & Woods from $23 to $37, and Clear...