Market Digest: BTC Trades Near $109.0, Dollar Picks Up as Trump Tariff Deadline Looms

Key Takeaways:

Bitcoin steadied near $109,500 after Elon Musk voiced his support through a new political movement.
U.S. President Donald Trump signaled new tariffs could take effect by August 1, with notices due July 9.
The BRICS bloc called for alternatives to dollar-based trade, drawing a warning from Washington.
Tech stocks led gains while commodities weakened on supply decisions.

Geopolitics & Market Movers

On July 7, global markets traded cautiously as investors weighed fresh geopolitical risks.

U.S. President Donald Trump said new tariffs could take effect as soon as August 1, with formal notices to affected countries expected by July 9. This announcement raised concerns over escalating trade tensions.

Meanwhile, Crypto markets steadied after Elon Musk unveiled his new political movement, the “America Party,” and voiced strong support for Bitcoin. BTC remained near $109,500. However, Musk’s endorsement gave political visibility to digital assets.

Adding to the geopolitical tension, the BRICS alliance criticized rising tariffs and unilateral trade barriers, and called for an independent global payment system based on national currencies. In response, President Trump warned of additional tariffs on countries aligning with the bloc’s economic stance.

While immediate market reaction was limited, the move contributes to broader trade uncertainty and may weigh on investor sentiment in the weeks ahead.

Global Indices

S&P 500 (SPX): 6,279.36 (+0.83%)
Dow Jones Industrial Average (DJI): 44,828.53 (+0.77%)
Nasdaq Composite (IXIC): 20,601.10 (+1.02%)
Nikkei 225 (NK2251!): 39,610.0 (–0.45%)
Euronext 100 (N100-D): 1,569.82 (–0.72%)
FTSE 100 (FTSE): 8,804.6 (+0.13%)

Individual Stocks

NVIDIA (NVDA): $159.34 (+1.33%)
Microsoft (MSFT): $498.84 (+1.58%)
Amazon (AMZN): $223.41 (+1.59%)
Tesla (TSLA): $315.35 (–0.10%)

Cryptocurrencies

Bitcoin (BTC): $109,189 (-0.04%)
Ethereum (ETH/USDT): $2,575.1 (+0.19%)
Solana (SOL): 163.35 (–1.88%)
Binance Coin (BNB/USDT): 61.26 (–0.28%)

Commodities

Gold: $3,311 (−0.44%)
Silver (XAG/USD): $36.51 (–0.91%)
WTI Crude (USOIL): $66.25 (–0.33%)
Brent Crude (BRENT3!): $66.12 (–0.52%)

Brent crude dropped nearly 1% after OPEC+ agreed to increase oil production, adding pressure on energy prices.

Forex

U.S. Dollar Index (DXY): 97.143 (+0.16%)
EUR/USD: 1.1765 (–0.04%)
USD/JPY: 144.996 (+0.34%)

Market Update:

Markets on July 7 were reacting to a mix of macro and political signals, including renewed momentum in U.S. tech, heightened trade tensions, and shifts in global commodity dynamics.

Strong performance in tech stocks lifted major indices, while crypto drew fresh attention amid political commentary. On the other hand, energy and commodities faced pressure from recent supply decisions.

For now, investors are awaiting clarity on U.S. tariff actions ahead of the July 9 notice deadline, as well as any follow-through from the BRICS bloc’s push to reshape global trade. These developments could shape positioning across equities, commodities, and currencies in the near term.