S&P 500 cuts losses as Nvidia climbs ahead of results
Investing.com-- Bitcoin edged lower on Monday after rising in early trading on optimism around the upcoming "crypto week" in Washington. The broader market sentiment also remained cautious due to uncertainty over President Donald Trump’s shifting tariff timeline.
The token was also briefly supported by Elon Musk’s comments, signaling his newly launched political party’s support for crypto.
The world’s largest cryptocurrency was down 0.2% at $108,670 as of 10:01 ET (14:01 GMT).
The token has remained range-bound in recent sessions, with traders avoiding large positions amid uncertainty over U.S. trade tariffs.
Investors brace for ‘crypto week’; Musk announces new political party
Lawmakers in Washington are set to launch “Crypto Week” beginning July 14, aiming to advance at least three key bills regulating digital assets.
Among them are the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.
These measures are expected to provide clearer legal frameworks for crypto markets, particularly around stablecoins, digital infrastructure, and privacy protections.
The anticipated progress has buoyed investor sentiment in recent days.
Bitcoin’s temporary rise on Monday was also supported by comments from Elon Musk. Tesla Inc (NASDAQ:TSLA) CEO on late Sunday said that his newly announced America Party will support Bitcoin.
“Fiat is hopeless, so yes,” Musk said on X, when asked whether his political party would embrace Bitcoin.
Markets eye U.S. tariff uncertainty
However, risk appetite remained limited in broader markets amid uncertainty around U.S. trade policy.
President Trump said on Sunday that the U.S. will begin sending tariff notification letters to trading partners at 12:00 p.m. ET on Monday. The letters that include raised import duties will be effective from August 1.
Earlier, the new tariff rates were set to take effect on July 9.
Trump told reporters that the new tariffs could range “from maybe 60% or 70% to 10% and 20%,” but gave no specifics on which countries would face which rates. The lack of detail has added to market unease
The new timeline effectively gives countries a three-week extension beyond the previously stated July 9 deadline, although markets have reacted with caution.
Strategy reports $14.05 unrealized Q2 gain on Bitcoin holdings
Strategy, formerly MicroStrategy, expects to report a $14.05 billion second-quarter gain on its Bitcoin holdings, which now exceed 500,000 coins. The sharp rise in Bitcoin prices—from roughly $82,000 to $108,000 during the quarter—drove the valuation boost, according to a regulatory filing on Monday.
The company raised $6.8 billion in net proceeds during the quarter through a mix of capital markets activities, including preferred stock and at-the-market common stock offerings. As of June 30, Strategy said it still has significant issuance capacity, with $18.1 billion available under its 2025 Common ATM, $20.5 billion under the STRK ATM, and $1.9 billion under the STRF ATM.
Later on Monday, Strategy also disclosed a new sales agreement to issue and sell up to $4.2 billion of its 10% Series A Perpetual Stride Preferred Stock (STRD) through an at-the-market offering.
Crypto price today: altcoins mixed amid muted risk sentiment
Most altcoins saw mixed performance on Monday, reflecting the subdued risk appetite for Bitcoin.
World no.2 crypto Ethereum rose marginally to $2,565.18.
World no. 3 crypto XRP gained 1.8% to $2.32.
Solana was trading less than 1% higher, while Cardano slipped 0.5%, and Polygon added 1.7%.
Among meme tokens, Dogecoin advanced 2%, while $TRUMP climbed 0.4%.
(Ayushman Ojha contributed to this report.)