Cryptocurrencies Trade Mixed at Start of Week Ahead of Key U.S. Legislative Debate
Despite the tense backdrop, Bitcoin is up 0.9% on the week. Altcoins also show moderate gains, led by Ripple (XRP).
Quick overview
- The crypto market opened mixed on July 7, with Bitcoin slipping 0.2% to hold below $109,000 due to tariff threats from President Trump and regulatory anticipation.
- Trump announced a new 10% tariff on countries aligning with BRICS policies, with formal notifications starting Monday and the measure expected to take effect by July 9.
- Despite the uncertainty, Bitcoin is up 0.9% for the week, while altcoins like Ripple and Ethereum show moderate gains ahead of the upcoming 'Crypto Week' starting July 14.
- This week could be pivotal for risk assets, as investor focus shifts to potential trade resolutions and the expiration of the current tariff pause.
The crypto market opened the week on mixed footing this Monday, July 7, amid mounting global uncertainty.
Bitcoin held below $109,000, slipping 0.2%, weighed down by two major factors: new tariff threats from President Donald Trump and anticipation surrounding upcoming regulatory debates in the U.S. Congress over digital assets.
On Sunday, Trump announced plans to impose an additional 10% tariff on countries that “align with the anti-American policies of the BRICS,” though he did not specify what actions would constitute such alignment.
Beginning Monday, the U.S. will begin sending formal notifications to trade partners outlining the specific tariffs and negotiated conditions. The measure is expected to take effect by Wednesday, July 9, when a 90-day trade truce with several countries officially expires.
Despite the tense backdrop, Bitcoin is up 0.9% on the week. Altcoins also show moderate gains, led by Ripple (XRP), which recently filed an application for a U.S. banking license. Ethereum (ETH) rises 0.6% to $2,552.30, while Tron (TRX) is up 0.1% to $0.2862.
BNB remains flat at $661.48 after a minor 0.1% dip, Solana (SOL) slips 0.5% to $150.52, and meme token Dogecoin (DOGE) is down 0.5% to $0.1684.
“Crypto Week” Set to Begin July 14
At the same time, the digital asset ecosystem is bracing for what market analysts are calling “Crypto Week,” beginning July 14, when the U.S. Congress is scheduled to debate three pivotal bills: the CLARITY Act, the Anti-CBDC Act, and the GENIUS Act. These legislative efforts aim to provide a clearer legal framework for the industry while strengthening digital privacy rights.
If passed, the bills could offer a much-needed boost to the sector—especially as many altcoins continue to struggle amid investor uncertainty. While Bitcoin ETFs continue to attract capital, other tokens have seen consistent outflows, and even major meme coins are experiencing declines. However, some patterns suggest the potential for a short-term rebound.
Trade Decisions Could Be a Turning Point
This week may prove decisive for risk assets. With markets reopening after the Independence Day holiday, investor attention is turning to Trump’s proposed “One Big Beautiful Bill,” as well as the July 9 expiration of the current tariff pause. A negotiated resolution with key trading partners could help lift market sentiment. But if no agreement is reached, renewed trade tensions could spark a broad market correction.
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