Bitcoin edged higher on Monday, buoyed by renewed optimism surrounding the upcoming “Crypto Week” in Washington and fresh public support from Tesla CEO Elon Musk. However, broader investor sentiment remained cautious as markets awaited further clarity on President Donald Trump’s shifting tariff agenda.
As of 01:55 ET (05:55 GMT), Bitcoin (BTC) was up 1% to $109,056.6, extending its modest gains from last week while staying within a tight trading range.
Beginning July 14, U.S. lawmakers are expected to introduce and debate at least three major bills aimed at establishing a regulatory framework for digital assets. These include:
CLARITY Act – expected to define legal structures for crypto assets
GENIUS Act – focused on fostering innovation in blockchain and crypto infrastructure
Anti-CBDC Surveillance State Act – intended to curb centralized digital currency programs
This legislative initiative has injected positive momentum into the crypto market, offering hope for long-awaited regulatory clarity, especially around stablecoins and decentralized financial systems.
Adding to the upbeat tone, Elon Musk confirmed that his newly launched political party, the America Party, will advocate for cryptocurrencies.
“Fiat is hopeless, so yes,” Musk posted on X, responding to a query on whether his party would support Bitcoin.
Musk’s endorsement rekindled retail enthusiasm, especially among younger, crypto-native voters. His companies, including Tesla and SpaceX, continue to hold significant Bitcoin reserves, reinforcing his role as a key influencer in the digital asset space.
Despite the positive headlines for crypto, risk appetite across broader markets remained limited. President Trump announced on Sunday that tariff notification letters will begin circulating to global trading partners starting Monday at 12:00 p.m. ET, with new duties becoming effective on August 1.
Originally scheduled for July 9, the postponed deadline gives nations more time to finalize trade agreements. However, the lack of specificity surrounding the scale and scope of the tariffs continues to weigh on market sentiment, especially for risk-on assets like cryptocurrencies.
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With Crypto Week set to dominate headlines and regulatory visibility improving, Bitcoin could break out of its current trading range—provided macro headwinds from tariffs and interest rates remain in check.
For now, traders are positioning cautiously, but legislative clarity and high-profile endorsements like Musk’s may provide the catalyst for stronger price action in the weeks ahead.
