While stablecoin news related to the euro and ruble dominated the headlines in recent days, one of the most notable developments in the crypto market this week was the rise of Bitcoin. After falling below the $108,000 level over the weekend, BTC rebounded on Monday morning, rising above $109,000. This rise was largely influenced by US President Donald Trump's new tariff decisions. In addition, Elon Musk said that the political party he is founding will support Bitcoin. Following these developments, according to JrKripto data, Bitcoin reached $109,362 in the last 24 hours.
Trump's new tariff schedule gave the market a breather
According to a statement made by US Treasury Secretary Scott Bessent on Sunday, the customs tariffs announced in April will come into effect on August 1. However, these tariffs will only apply to countries that do not have a trade agreement with the US. Bessent also stated that if the negotiations fail, the tariffs could return to their April levels. The Trump administration had previously suspended the tariffs for 90 days in April; that period expires on Wednesday.
BTSE COO Jeff Mei said investors were concerned that there could be significant market volatility until the July 9 tariff deadline, but that the new date, postponed to August 1, has brought relief. “Markets rose on the news that countries would have more time to negotiate,” Mei said, emphasizing that the US Consumer Price Index (CPI) to be announced in the coming days will also provide important signals as to whether the Fed will cut interest rates.
Nick Ruck, Research Director at LVRG, said that if Bitcoin approaches its all-time high of $111,814, it could enter a new “price discovery zone.” In particular, DeFi protocols and artificial intelligence companies focusing more on institutional demand could create upward movement potential not only for Bitcoin but also for some selected altcoins.
In addition to Bitcoin, other major cryptocurrencies are also on a positive trajectory. Ethereum rose to $2,577, while XRP traded at $2.27. Solana reached $152.
Political support for Bitcoin from Elon Musk
An important development regarding Bitcoin also came from Elon Musk. Tesla CEO Elon Musk announced over the weekend on social media platform X that his newly formed political group, the “America Party,” would support Bitcoin. “Fiat currencies are hopeless, so yes,” Musk said, clearly expressing his support for BTC and stating that his party aims to create an alternative to the current two-party system in the US.
Musk made the announcement on Saturday, citing the spending policies jointly pursued by Democrats and Republicans that have shaken the country's budget as the reason behind his decision. In particular, the $3.4 trillion “Big, Beautiful Bill” spending package signed by Trump last week was described by Musk as “a disgusting mess.”
Elon Musk had previously drawn attention with the Department of Government Efficiency (DOGE) initiative, created to cut government spending. Now, with the America Party, he aims to play a decisive role in the legislative process by winning a few key seats in Congress. Notable figures such as billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci are also among those showing interest in the new party. However, the party has not yet been officially registered with the Federal Election Commission.
