Bitcoin climbed on Monday, buoyed by optimism ahead of the upcoming “crypto week” in Washington and supportive comments from Elon Musk, even as broader market sentiment stayed cautious amid uncertainty over U.S. trade tariffs.
The world’s largest cryptocurrency rose 1% to $109,056.6 as of 01:55 ET (05:55 GMT). Bitcoin has remained range-bound in recent sessions, with traders refraining from aggressive positions due to uncertainty around U.S. trade policy.
Bitcoin lifted by ‘crypto week’ and Musk’s comments
Lawmakers in Washington are set to begin “Crypto Week” on July 14, during which they aim to advance at least three major bills to regulate digital assets. The legislative agenda includes the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act — measures expected to provide clearer rules for crypto markets, particularly around stablecoins, digital infrastructure, and privacy.
The anticipated progress on these bills has supported investor sentiment in recent days.
Bitcoin was also buoyed by comments from Elon Musk, who said on X that his newly launched America Party would embrace Bitcoin. Responding to a user asking whether his party would support the cryptocurrency, Musk replied: “Fiat is hopeless, so yes.”
Markets wary of U.S. tariff moves
Despite the gains in crypto, broader market appetite was limited amid continued uncertainty over U.S. trade policy. On Sunday, President Donald Trump announced that the U.S. would begin sending tariff notification letters to trading partners at 12:00 p.m. ET on Monday, with the new duties effective from August 1.
Trump said the new tariffs could range from “maybe 60% or 70% to 10% and 20%”, without specifying which countries would face which rates. The lack of details has kept markets cautious, even though the revised timeline gives trading partners an additional three weeks beyond the previously expected July 9 deadline.
Altcoins and meme tokens post modest gains
Other major cryptocurrencies also posted modest gains on Monday, tracking Bitcoin’s rise:
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Ethereum (ETH): up 2.5% at $2,570.52
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XRP: up 2.3% at $2.27
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Solana (SOL): up 2.2%
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Cardano (ADA): up 1.9%
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Polygon (MATIC): up 2.1%
Among meme tokens, Dogecoin (XRY/DOGE) jumped 5.8%, while $TRUMP climbed 2.3%.
With optimism around legislative clarity and high-profile endorsements, Bitcoin and the broader crypto market have found support, although the looming trade policy decisions continue to temper risk appetite.