Bitcoin was up and down on Monday while stocks languished in the red, as U.S. President Donald Trump announced a new tariff deadline and Elon Musk launched a new political party.
Stocks Dip, Bitcoin Bounces
Stock markets bled on Monday after U.S. President Donald Trump extended his tariff deadline from July 9 to August 1. The uncertainty sent the S&P 500, Nasdaq, and Dow, tumbling 0.85%, 0.91%, 1.02% respectively, at the time of reporting. Meanwhile, bitcoin climbed as high as $109K before retreating to $108K as crypto markets remained mostly flat.
Tesla (Nasdaq: TSLA) led today’s stock market decline, shedding more than 7% after CEO Elon Musk announced his new American Party over the weekend. Shares of the company have become increasingly volatile since Musk’s entry into politics last year.
(Tesla stock had one of the worst performances among equities on Monday after CEO Elon Musk announced a new political party over the weekend / CNBC)
“The board’s going to have to take some sort of action,” said Dan Ives, Managing Director at Wedbush Securities, during a CNBC interview. “It’s a matter of when not if.”
Trump, who fell out with Musk earlier in the year, called the South African-born billionaire “a train wreck” after Musk announced the new party.
But while stocks have been struggling over tariffs and politics, bitcoin appears to be on the cusp of a rally, at least according to London-based Standard Chartered Bank.
“We continue to see BTC rising to around USD 135,000 by end-Q3 and to USD 200,000 by end-Q4,” said Geoffrey Kendrick, head of digital assets at Standard Chartered in a note to clients last week. “Buoyed by growing ETF and corporate treasury flows, as well as US policy and regulatory developments.”
Overview of Market Metrics
Bitcoin has been trading between $107,817.40 and $109,731.63 over the past 24 hours and was priced at $108,045.27 at the time of writing. The current price reflects a slight decline of 0.69% since yesterday and a modest increase of 0.41% for the week, according to Coinmarketcap.
( BTC price / Trading View)
Trading volume rose 30% to $43.6 billion as TradFi folks returned to the office from the Independence Day weekend. Bitcoin’s market capitalization eased by 0.64% to $2.15 trillion, and BTC dominance dropped by 0.13% to 65.21%.
( BTC dominance / Trading View)
The total number of open BTC futures contracts edged up 0.24% to $74.06 billion over the past 24 hours. Liquidations came in at $38.29 million in total since yesterday, with both bulls and bears getting wiped out in similar proportions. Approximately $18.86 million in longs was liquidated versus $19.43 million in shorts.
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