On July 7, reporter Eleanor Terrett confirmed that the House Appropriations Committee’s Oversight Subcommittee hearing on establishing the United States as a global cryptocurrency hub has been postponed due to
Bitcoin price started a fresh increase above the $108,500 zone. BTC is now consolidating and might aim for more gains above the $110,000 resistance. Bitcoin started a fresh increase above the $108,500 zone. The price is trading above $108,500 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $108,350 zone. Bitcoin Price Eyes More Gains Bitcoin price started a fresh increase after it settled above the $107,500 resistance. BTC cleared many hurdles near $108,000 to start a decent increase. The bulls pushed the price in a positive zone above the $108,500 level. The price gained pace for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. Besides, there was a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $108,500 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $109,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. The first key resistance is near the $110,000 level. A close above the $110,000 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $113,200 level. The main target could be $115,000. Downside Correction In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,800 level. The first major support is near the $108,350 level. The next support is now near the $107,250 zone. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,000, below which BTC might continue to move down. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $108,800, followed by $108,350. Major Resistance Levels – $110,000 and $110,500.
The scheduled hearing on the crypto tax framework by the U.S. House of Representatives has been postponed following the recent congressional adjournment. This delay introduces uncertainty regarding the timeline for
Hyper, recognized as the leading entity with the highest win rate in the crypto trading arena, has strategically expanded its BTC long positions. The firm has augmented its holdings by
Strategy and Metaplanet have intensified their Bitcoin accumulation efforts, highlighted by a viral gaming-themed showdown between their CEOs, Michael Saylor and Simon Gerovich. Both firms disclosed substantial Bitcoin purchases exceeding
Elon Musk has declared that the America Party, his new political vehicle, will fully support Bitcoin, saying on X that: “Fiat is hopeless.” This follows the official launch of the America Party two days ago, which came after yet another public escalation of his fight with former best friend President Donald Trump. Saturday night on Truth Social, Trump called Elon a train wreck and said it makes him sad that he is embarrassing himself publicly. Elon had accused Trump of abandoning the center and posted a poll asking his followers if he should form a new party to represent “the 80 percent in the middle.” When the poll closed, about 80% voted yes. So he went ahead and launched it unofficially… at least for now. Elon targets Republican defectors after bill passes Before the announcement, other players tried to pull Elon into their projects. Andrew Yang, speaking to Politico Magazine, said he had wanted to form a political party with Elon or get his support for the Forward Party. Elon had endorsed Yang’s presidential run back in 2020, but no deal was made. Steven Nekhaila, chair of the Libertarian National Committee, also reached out last week, but Elon still didn’t engage. Instead, Elon stayed focused on the One Big Beautiful Bill Act, the same bill that triggered his split from Trump. As the bill neared a vote in the Senate, Elon promised that if it passed, he would not only move forward with forming the America Party, but also back primary challenges against Republican lawmakers who voted in favor of it. When the bill passed the House of Representatives on July 3, he followed through. He dropped another poll on X, then revealed a loose electoral strategy, blasting both major parties as a single “uniparty” failing to offer real policy differences. Despite Elon’s massive personal fortune, pushing the America Party into the national conversation won’t be easy. The Washington Post pointed out that Elon failed to influence the 2025 Wisconsin Supreme Court election, and his work at the Department of Government Efficiency has damaged his reputation in some circles. Getting ballot access in all states will be a massive legal grind. Public support for him has also dipped, adding more uncertainty to the project. Adding to the complications, Elon was born in South Africa, which makes him constitutionally ineligible to run for the US presidency. He hasn’t said who will lead the America Party or what its internal structure will look like. As of now, it’s just Elon, Bitcoin, and an audience of people tired of choosing between two parties he no longer wants anything to do with. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
The U.S. House of Representatives’ Ways and Means Oversight Subcommittee is set to convene a hearing focused on positioning the United States as the global leader in cryptocurrency innovation. This
Tesla stock opened the week with a red candle, falling to $315.35, a 0.095% dip that lined up with a broader selloff across US equities and metals. The drop hit as Bitcoin blew through resistance and ended the June 29 week with its highest weekly close ever. The action split risk markets in two. Stocks went down, crypto went up. As per usual, the trigger came straight out of Washington after President Donald Trump confirmed on Sunday that new tariffs will begin August 1, not July 9 as markets had priced in. The news sent US stock futures into a tailspin Sunday night. The Dow Jones Industrial Average dropped 146 points, down 0.32%. S&P 500 futures lost 0.39% and Nasdaq 100 futures fell 0.42%. Trump didn’t make the announcement alone. Standing beside him was Commerce Secretary Howard Lutnick, who told reporters, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in agreement, ending the market’s weekend hopes. The update came after days of guessing by investors and left Wall Street hanging just as they were coming off a strong week. Bitcoin makes history as ETF inflows build Bitcoin managed to stay above $108,500 before closing Sunday at over $109,000, according to data from CoinGecko. Over the past month, nearly 50,000 BTC moved into US spot ETFs, signaling strong institutional demand. Based on their flow-to-price model, the next major target sits at $117,000. That model has tracked closely with price action in previous cycles, especially during aggressive ETF accumulation. Market analysts are calling it “whale games,” as large buyers quietly accumulate while retail watches from the sidelines. While Bitcoin moved up, metals moved down. Gold, which had gained almost 2% last week, gave back ground and hovered around $3,325 per ounce on Monday. It’s still up over 25% in 2025 and is sitting just under $170 shy of its April record. ETF inflows and central bank demand have kept gold up this year, but short-term traders pulled back after the White House announcement. S&P 500 loses steam after tariff delay creates confusion Treasury Secretary Scott Bessent confirmed the new tariff date during an appearance on CNN’s “State of the Union” earlier Sunday. “If there’s no deal, tariffs go back to April 2 levels on August 1,” he said. That announcement set expectations that major duties could return unless a breakthrough is made in trade talks. Most investors had planned around tariffs starting this week. That now looks wrong. The original 90-day pause from April’s “reciprocal” tariffs was set to expire Tuesday, with an EU agreement deadline hitting Wednesday. If no deal is struck with the European Union, tariffs up to 50% on EU goods are expected. Last week’s stock rally came from the belief that Trump wouldn’t actually follow through with the most extreme tariff threats. That optimism collapsed. Still, some traders are holding out hope. They believe US firms will beat weak earnings expectations if they can show they’re ready to handle tariffs. The US Dollar Index dipped slightly to 96.90, while China’s Renminbi fell 0.07% to 7.1656. The Japanese Yen also slipped to 0.0069, with a minor move of +0.0000090. Other currencies, including the euro, pound, and ruble, are also trading just below neutral. Silver, unlike gold, ripped to $37.225, the highest price seen in nearly 14 years. That spike stood out in a market dominated by selling pressure. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
Marsbit Finance recently highlighted a significant exchange between community members and Elon Musk regarding the stance of the US political landscape on Bitcoin. When questioned about whether the US party
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. As Asia begins a new trading week, bitcoin (BTC) is changing hands at $109K, up 0.8% in the last week or 4.5% in the last month, according to CoinDesk market data. In an era of continued sizeable BTC buys from Michael Saylor's Strategy (MSTR), sustained BTC Exchange Traded Fund (ETF) inflows , and more companies adopting a BTC treasury strategy , one has to wonder why bitcoin's price hasn't shot past all-time highs. A new report from CryptoQuant spells it out: all of this institutional action isn't making up for a general decline in spot demand for BTC. "The annual growth of bitcoin demand shows a similar picture: ETFs and MSTR purchases are a portion of bitcoin demand, overall demand contraction is more than offsetting these purchases, and the acceleration of overall demand growth is what drives price rallies," CryptoQuant wrote in a recent report. CryptoQuant points out that over the last 30 days, there's been a contraction in demand for BTC to the tune of -895K. To make things worse, compared to December, ETF and MSTR buys are slowing. In the last month of the year, ETFs bought 86,000 BTC and MSTR 171,000, while in the last month, those numbers are down significantly. ETFs only purchased 40K BTC, while MSTR bought 16 K. BTC is stuck in a consolidation phase, and demand isn't there to fuel a breakout, CryptoQuant writes. One additional data point for proof of slowing demand is BTC's nearly empty mempool , which demonstrates how little retail spot demand the market has. The question is if institutional buys continue to slow, how much resistance will it put on BTC's price? SkyBridge Capital's Anthony Scaramucci is on the record for saying that the BTC treasury trend — a reliable source of demand for bitcoin — will fade. “Right now we’re having this replicative treasury company idea,” Scaramucci said during an interview with Bloomberg last week. “So, you know, it will fade.” “Saylor’s case is different, because he’s got a couple different products going now,” Scaramucci continued in the interview. “I’m not negative on the others, because I’m too bullish on bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies.” Meanwhile, Standard Chartered remains a BTC bull , with the bank maintaining its $200K price target for the world's largest digital asset. Market Movements: BTC: Bitcoin consolidated above $108,500 over the weekend, then surged from $108,327 to $108,620 in the last hour, with $108,200-$108,300 now supporting the uptrend. ETH: Ethereum rallied from $2,520.45 to $2,558.63 on July 6, with trading volume spiking to 272,352 ETH, finding support at $2,510 amid global economic tensions, while $1.1 billion in June ETH ETF inflows and record whale accumulation signal potential for a breakout despite resistance near $2,600. Gold: Gold surged 1.91% to $3,336.61 last week, driven by a weakening dollar, 91.5% odds of a Federal Reserve rate cut in September, looming tariff threats, and a 73% spike in China’s gold imports Nikkei 225: Japan’s benchmark Nikkei 225 slipped 0.26% after the White House continued with its mixed messages on tariffs. Elsewhere in Crypto: US Recession Odds on Polymarket Plunge to 22% as Trade Tensions Cool (CoinDesk) Ethereum is powering Wall Street's future. The crypto scene at Cannes shows how far it's come (CNBC) Sweden Orders Police to Increase Seizures of Criminal Crypto Profits (Decrypt)