Bitcoin Rises to $109,000 Ahead of ‘Crypto Week’ in Washington, but Tariff Concerns Remain Weighing
Bitcoin started the week on a positive note, buoyed by rising expectations ahead of the upcoming ‘Crypto Week’ in the US, along with Elon Musk’s endorsement of cryptocurrencies. However, the market remained cautious due to uncertainty over President Donald Trump’s tariff policies.
As of 01:55 ET (05:55 GMT), Bitcoin was up 1% at $109,056.60, maintaining its recovery in a narrow trading range as investors await clearer signals from US politics.
Crypto Week’ Expectations Boost Sentiment
Crypto Week in Washington D.C., scheduled to begin on July 14, is drawing attention from the global blockchain community. The initiative is aimed at advancing three key bills: the CLARITY Act, the Anti-CBDC Surveillance Act, and the GENIUS Act.
These bills aim to establish a more transparent regulatory framework for the digital asset market in the US, particularly in areas such as stablecoins, decentralized infrastructure, and data privacy.
These potential developments have contributed to the positive sentiment in the market, even as macro factors remain volatile.
Elon Musk: New “America Party” Will Support Bitcoin
Attention has also been focused on Elon Musk, who recently announced the formation of a new political party called the “America Party.” In a post on the X platform, when asked if the party would support Bitcoin, Musk replied:
“Fiat is hopeless, so yes.”
The remarks quickly spread through the crypto community and reinforced optimism about Bitcoin's future under more friendly policies.
Tariff risks still curb gains
However, investors are still wary of the Trump administration's unclear trade policy. The US president said on Sunday that the new tariff notification letter would be sent at 12:00 p.m. ET on Monday, effective August 1. The market had previously expected the new tariffs to take effect on July 9.
Trump also said the tariffs could range from 10% to 70%, but did not specify which countries would be affected. The lack of clarity has led to a cautious reaction from global financial markets.
Altcoins slightly up; Dogecoin Leads Meme Tokens
Along with Bitcoin, most altcoins also recorded gains in the first session of the week:
Ethereum (ETH): up 2.5% to $2,570.52
XRP: up 2.3% to $2.27
Solana (SOL): up 2.2%
Cardano (ADA): up 1.9%
Polygon (MATIC): up 2.1%
In the meme token group, Dogecoin (XRY/DOGE) surged 5.8%, while $TRUMP also gained 2.3%, benefiting from the political wave and online community.
Conclusion
This week could be a turning point for the crypto market as political, legal and market factors intersect. While “Crypto Week” and Elon Musk’s endorsement are providing a positive sentiment boost, the ambiguity in US tariff policy remains the main obstacle to a stronger rally.