Looking back at the weekend's major events, it was undoubtedly Elon Musk's high-profile announcement of a new political party 'American Party' on X platform, fulfilling his previous statements that he would form a new party if the large and beautiful bill was passed. This time, Trump did not respond immediately, possibly because Musk did not directly insult Trump. Since there was no dispute between the two parties, the cryptocurrency market remained stable over the weekend, hovering around $107,000, until good news about tariffs surfaced, causing Bitcoin to surge past $109,000.
However, it is certain that Tesla stocks will be affected. Previously, Musk's active involvement in politics and participation in the DOGE sector made investors feel that he was 'not focused on business', putting pressure on Tesla's stock price. Moreover, this time he personally engaged in political party activities, making the future stock price outlook pessimistic. Later in the morning, Trump criticized Musk's actions as 'off the rails', and whether the subsequent developments will affect the market will depend on whether they continue to escalate the situation.
This week, the market was initially worried about tariff issues, but U.S. Treasury Secretary Basent stated last night that if a tariff agreement is not reached with certain countries before August, the tariffs will revert to the levels set on April 2. This effectively acknowledges that tariff negotiations have been relaxed until the end of July, making the July 9 deadline less significant. Consequently, Bitcoin also broke through $109,000 in the morning.
But this week, special attention is still needed on Trump's remarks regarding tariffs and Musk, as everyone has not yet deciphered his intentions. If an unexpected reaction occurs, the market trend could take a sharp downturn. However, if Trump and Musk do not exhibit serious opposition subsequently and the tariff progress remains good, we might see Bitcoin rise above $110,000 this week, or even challenge new highs.
"MICA Daily｜The U.S. tariff deadline has been extended again, and Bitcoin is expected to rise above $110,000". This article was first published on (Blockcast).
