Bitcoin Briefly Touches $110,000 as Key Policy and Economic Developments Take Center Stage

Bitcoin briefly surged to $110,000 last week following a stronger-than-expected U.S. non-farm payrolls report, before pulling back slightly, according to Simon Peters, crypto market analyst at eToro.

Despite the milestone, overall weekly gains across the crypto market remained modest, with major altcoins such as Ethereum, XRP, and Solana showing minimal movement. However, upcoming political and economic developments may set the stage for greater market volatility in the days ahead.

“With U.S. markets returning from the Independence Day holiday, all eyes are on the fallout from the passing of former President Trump’s ‘One Big Beautiful Bill’, which is forecast by the Congressional Budget Office to add $3.4 trillion to federal deficits over the next decade,” said Peters. “The prospect of increasing U.S. government debt could drive investor interest in bitcoin, as investors seek a hedge against long-term currency debasement.”

Adding to the potential volatility is the looming expiration of the 90-day pause on reciprocal tariffs, set for July 9. The outcome of ongoing trade negotiations between the U.S. and its key global partners may significantly impact market sentiment.

“Should new trade deals be reached before the deadline, we could see a further lift in crypto prices. On the other hand, a breakdown in negotiations could trigger a market sell-off,” Peters added.

Meanwhile, eToro also marks the one-year anniversary of Moo Deng, its Southeast Asia crypto education and community-building initiative, underscoring the platform’s commitment to building a more informed investor base across global markets.

BIGGEST MOVERS

Solana memecoin $MOODENG was one of the biggest movers last week in the build up to Moo Deng’s, the baby pygmy hippopotamus who inspired the memecoin, first birthday this week.

Khao Kheow Open Zoo, the Thailand based zoo where it lives, announced that they will be holding a three-day event starting 10th July to celebrate her birthday. This will include a Moo Deng themed art exhibition, a parade of animal mascots and a giant birthday cake presented to the hippopotamus.

Despite the recent price increase, MOODENG still remains 285% away from its $0.70 all-time high that was seen in November 2024.

Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers

EYE-CATCHING STORIES

House Announces Week of July 14th as “Crypto Week”

The US House of Representatives have announced that next week (the week of 14th July) will be “Crypto Week” where the CLARITY Act, the Anti-CBDC Surveillance State Act and the Senate’s GENIUS Act will be considered.

“After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy,” said House Committee on Financial Services Chairman French Hill.

We await to see the outcome of ‘Crypto Week’. Major steps forward in passing these Acts could provide a positive tailwind for cryptoasset prices.