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Elon Musk, a prominent figure in the crypto community, recently stirred excitement on social media platform X by liking a comment suggesting he might be quietly accumulating Bitcoin (BTC). This interaction, confirmed to be from Musk himself, reignited discussions about his involvement with the cryptocurrency. Musk's history with Bitcoin is well-documented, as Tesla, his electric vehicle company, holds over $1 billion in BTC and briefly accepted it as payment in 2021 before halting due to environmental concerns over mining. Bitcoin, launched in 2009, remains the world's largest cryptocurrency with a market cap of $2.1 trillion, dominating over 60% of the $3.3 trillion crypto market. As of July 4, 2025, Bitcoin's value has surged nearly 85% since the previous year, trading at $107,750.71. While Musk's actions continue to influence crypto conversations, the article emphasizes the importance of independent research before making investment decisions, highlighting the speculative nature of such social media interactions.
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The upcoming June Consumer Price Index (CPI) report, set for release on Tuesday, is expected to reflect a faster pace of inflation, with a projected year-over-year rise of 2.6% compared to 2.4% in May, and a monthly increase of 0.3%. Core CPI, excluding volatile food and energy prices, is forecasted to edge up to 2.9% annually. This comes as President Trump’s proposed tariffs, ranging from 15% to 50% on imports from countries like Canada, Mexico, and the EU, raise concerns about their impact on consumer prices. Economists note a potential reversal in declining car and apparel prices, which could push core inflation higher. Amid renewed trade tensions, the Federal Reserve’s rate-cutting path remains uncertain, though markets expect rates to hold steady for now. Analysts from Wells Fargo, Bank of America, and Goldman Sachs suggest tariffs will likely contribute to a gradual rise in core goods inflation, driven by factors like rebounding used car prices and broader cost increases. However, they anticipate limited pass-through to consumers and expect inflation pressures to cool later in the year due to softening housing and labor market dynamics. The June CPI data is seen as a critical indicator of whether inflation is strengthening, though not yet at a level to alarm Fed officials.
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Nvidia announced plans to resume sales of its H20 AI chip to China, following U.S. export restrictions that previously halted sales due to national security concerns, costing the company $15 billion in revenue and a $5.5 billion inventory write-off. The company is seeking U.S. government licenses to restart deliveries and has developed a new, compliant AI chip, the RTX Pro GPU, for the Chinese market. CEO Jensen Huang, visiting Beijing, underscored China’s critical role as a massive and innovative market during a supply chain expo. Despite facing competition from Chinese firms like Huawei and ongoing geopolitical uncertainties, Nvidia remains committed to the region, which accounted for 13% of its $17 billion revenue last fiscal year. Huang’s visit coincides with easing U.S.-China tensions, including relaxed rare earth export controls by China and resumed U.S. chip design software services. However, U.S. senators have urged caution regarding engagements with Chinese military or intelligence-linked entities. Analysts note that while the H20 ban pause offers relief, Chinese companies are diversifying supply chains to safeguard against future disruptions.
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Standard Chartered has launched spot trading for bitcoin and ether through its UK branch, specifically targeting institutional clients like corporates, investors, and asset managers. Announced on Tuesday, the bank positions itself as the first global systemically important bank to offer secure, regulated, and scalable access to these cryptocurrencies. Clients can now trade digital assets using familiar foreign exchange (FX) interfaces, with plans to introduce non-deliverable forwards trading in the near future. This move comes in response to rising demand for crypto assets among institutional investors. Chief Executive Bill Winters highlighted the bank’s focus on providing a safe and efficient platform for clients to transact and manage digital asset risks while adhering to regulatory requirements. This initiative marks a significant step for Standard Chartered in integrating cryptocurrency trading into its services, catering to the evolving needs of the financial market.
