Bitcoin rose to $109,000 on Monday, fueled by optimism about the upcoming "crypto week" in Washington. At the same time, market sentiment remained cautious due to uncertainty regarding changes in US President Donald Trump's customs policy.
UNN reports with reference to The Cryptonomist and Investing.
Details
Bitcoin rose on Monday, bolstered by optimism about the upcoming "crypto week" in Washington. Lawmakers in Washington will kick off "Crypto Week" on July 14, seeking to advance at least three key bills regulating digital assets.
These measures are expected to provide clearer legal frameworks for crypto markets, particularly regarding stablecoins, digital infrastructure, and privacy protection.
New statements and subsequent expectations from the White House administration in the context of global trade and customs tariffs also influence the price of Bitcoin.
The American president stated that many trade agreements with foreign countries would be closed by the July 9 deadline. Commerce Secretary Howard Lutnick later added that so-called "reciprocal" tariffs would take effect on August 1.
Bitcoin rises to $109,000 amid US trade optimism03.07.25, 11:36
In addition, Elon Musk's influence is contributing to Bitcoin's strengthening. The tech mogul publicly stated in a post on his official X profile that his new party intends to "accept" Bitcoin.
"The American Party" will support Bitcoin. Fiat money is useless, so yes, that's it.
However, risk appetite remained limited in broader markets due to uncertainty surrounding US trade policy, media reported.
For reference
The price of Bitcoin initially jumped above $108,800, then surged past $109,000.
Analysts believe that the price of Bitcoin will hold at $109,000.
Sunday's weekly close was the highest ever, as never before has an entire week closed on Sunday evening with a BTC price above $109,000.
Recall
From two Bitcoin wallets that had been inactive for 14 years, 20,000 BTC worth $2.18 billion were transferred on July 4. These coins were purchased in 2011 for $0.78, and now represent a potentially significant profit.