This very slight rise actually began yesterday, and it is partly due to Donald Trump and partly to Elon Musk.
The announcements of Donald Trump on tariffs
Yesterday, at a certain point in the day, the American president stated that many trade agreements with foreign countries will be closed by the deadline of July 9 (the day after tomorrow).
The Secretary of Commerce, Howard Lutnick, then added that the so-called “reciprocal” tariffs will come into effect on the first of August.
Trump dice che avranno la maggior parte degli accordi entro la scadenza tariffaria del 9 luglio, ma Lutnick dice "entrano in vigore il 1° agosto. Le tariffe entrano in vigore il 1° agosto, ma il Presidente sta fissando le tariffe e gli accordi proprio ora."
The fact is that the suspension announced in April by Trump in theory would expire just the day after tomorrow, so again in theory the reciprocal tariffs should have come into effect the day after tomorrow.
Instead, in fact, an additional extension was granted, confirmed by Lutnick’s words, which move the deadline to the first of August.
The markets actually liked this extension, also because by now there is hope not so much that reciprocal tariffs will come into effect, but above all that commercial agreements will be signed, particularly with China and the European Union.
Given that it seems highly unlikely that these two agreements can be announced by the day after tomorrow, since the negotiations appear to be still up in the air, an initial further extension of almost a month has sparked slight enthusiasm in the bull and bear markets.
At this rate, with continuous extensions, sooner or later an agreement should be reached, even if it takes months.
The statements of Elon Musk
Everything started with his post in which he said that his new American Party would be the solution to the bipolar extremism of the bull system.
A commentator took the opportunity to ask him if the American Party will embrace Bitcoin, and Elon Musk explicitly responded that fiat currencies are hopeless, and therefore the American Party will embrace Bitcoin.
It is not precisely known how much truth there is in these words, and how much is just the usual propaganda, but it should not be forgotten that Musk’s two main companies, Tesla and SpaceX, continue to hold Bitcoin. He seems to hold Bitcoin, so it is at least plausible that, beyond the inevitable propaganda, there might also be some truth.
Analysis and reactions of Bitcoin (BTC) price
And so yesterday at first the price di Bitcoin suddenly rose above $108,800, while in a second moment it jumped above $109,000.
To be honest, it also recorded a slight decline, as shortly after the traditional exchanges reopened following the weekend, the Dollar Index rose slightly. However, it seems that it has managed to stay close to $109,000 (at least for now).
Moreover, the weekly closing on Sunday was the highest ever, because never before had an entire week closed on Sunday night with a price of BTC above $109,000.
Note that it has now been consistently above $100,000 for two weeks, and the general trend of these last few weeks is bullish.
On the other hand, the Dollar Index in the same period has fallen from 99 points to less than 97, even though it has now moved back above this last threshold.
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