Bitcoin finished the week marginally up, touching $110,000 following the better-than-expected non-farm payrolls report on Thursday, before pulling back slightly.
Similarly, major altcoins such as ethereum, XRP and solana also saw very little gains.
However, we could see some greater movement this week, as investors return from the ‘Independence Day’ public holiday and digest the passing of Trump’s ‘One Big Beautiful Bill’, according to Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro
. The Congressional Budget Office estimates the bill could add $3.4 trillion to federal deficits over the next 10 years. The forecasts of increasing US government debt may drive more investor interest to bitcoin as investors seek refuge from any future currency debasement.
In addition, the 90-day pause on reciprocal tariffs comes to an end on 9th July. If deals are agreed between the US and its major trading partners before this deadline, this too could potentially boost prices. Conversely, trade deals not being agreed could cause a sell-off or retracement in prices. We wait to see.
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.
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.
