Daily Market Wrap | Aug. 07

Hot Topic

• Trump implemented new tariffs on over 90 countries, including a 50% tariff on India and 100% on foreign-made chips.
• Japan seeks swift implementation of U.S. tariff reduction agreement.
• KakaoBank plans to enter South Korea’s stablecoin sector after the Bank of Korea halted its CBDC pilot.
• Trump will name a nominee to replace Fed Governor Adriana Kugler by week's end and has narrowed the Fed Chair search to four candidates.

Market Updates

• The Indonesian government met with Bitcoin Indonesia to discuss adopting Bitcoin as a reserve asset.
• Brazil’s lower house to hold hearing on creating national Bitcoin reserve.
• The crypto market cap stabilised at $3.7 trillion, while institutions continued accumulating Bitcoin and ETH.