Investing.com-- Bitcoin gained on Monday, lifted by optimism around the upcoming "crypto week" in Washington, while broader market sentiment remained cautious due to uncertainty over President Donald Trump’s shifting tariff timeline.

The token was also supported by Elon Musk’s comments, signaling his newly launched political party’s support for crypto.

The world’s largest cryptocurrency rose 1% to $109,056.6 as of 01:55 ET (05:55 GMT).

The token has remained range-bound in recent sessions, with traders avoiding large positions amid uncertainty over U.S. trade tariffs.

Bitcoin rises on ‘crypto week’ optimism, Musk’s support

Lawmakers in Washington are set to launch “Crypto Week” beginning July 14, aiming to advance at least three key bills regulating digital assets.

Among them are the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.

These measures are expected to provide clearer legal frameworks for crypto markets, particularly around stablecoins, digital infrastructure, and privacy protections.

The anticipated progress has buoyed investor sentiment in recent days.

Bitcoin’s rise also followed comments from Elon Musk. Tesla Inc (NASDAQ: TSLA ) CEO on late Sunday said that his newly announced America Party will support Bitcoin.

“Fiat is hopeless, so yes,” Musk said on X, when asked whether his political party would embrace Bitcoin.

Markets eye US tariff uncertainty

However, risk appetite remained limited in broader markets amid uncertainty around U.S. trade policy.

President Trump said on Sunday that the U.S. will begin sending tariff notification letters to trading partners at 12:00 p.m. ET on Monday. The letters that include raised import duties will be effective from August 1.

Earlier, the new tariff rates were set to take effect on July 9.

Trump told reporters that the new tariffs could range “from maybe 60% or 70% to 10% and 20%,” but gave no specifics on which countries would face which rates. The lack of detail has added to market unease

The new timeline effectively gives countries a three-week extension beyond the previously stated July 9 deadline, although markets have reacted with caution.

Crypto price today: altcoins see modest gains; Dogecoin jumps over 6%

Most altcoins also rose on Monday, tracking modest gains in the biggest cryptocurrency.

World no.2 crypto Ethereum rose 2.5% to $2,570.52.

World no. 3 crypto XRP gained 2.3% to $2.27.

Solana was trading 2.2% higher, while Cardano rose 1.9%, and Polygon added 2.1%.

Among meme tokens, XRY/DOGE jumped 5.8%, while $TRUMP climbed 2.3%.