On Monday, several Senate Democrats announced that they’d hold a press conference this week to state their opposition to Clarity and what they said is its “failure to rein in President Donald Trump’s corrupt crypto schemes.” Senator Murphy will join senators Chris Van Hollen and Jeff Merkley at that event on Capitol Hill, which will also highlight their claims that the crypto sector’s Washington influence is causing “growing political corruption.”

One of the lawmakers involved in the ethics discussions, Senator Kirsten Gillibrand, a New York Democrat, recently noted that Trump’s largest single 2025 income stream, $636 million, came from issuing the memecoin that bore his name. She said that she and fellow Democrats have been pushing to make it illegal for presidents to issue or sponsor any digital assets.

“We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance and expand economic opportunity for the millions of Americans our financial system has left behind,” Gillibrand said in a statement. “The time to act is now — and that must include ethics reforms that prohibit members of Congress, the president and their spouses from cashing in on their office.”

Though Clarity would need many Democrats to join with Republicans if advocates want to hit the necessary 60-vote threshold for Senate passage, Gillibrand and other Democrats have said that the bill can’t pass until this is addressed.

Bitcoin and the broader crypto market have lost more than $20 billion in value after President Donald Trump’s latest remarks on the Strait of Hormuz pushed oil prices higher and accelerated risk-off selling.

Trump’s comments have intensified pressure across global markets

President Donald Trump said on Monday that the United States was “taking over” the Strait of Hormuz and that other countries would have to pay Washington for protecting the vital shipping route. He also said recent negotiations had broken down despite what he described as progress during an earlier meeting.

“We’re taking over the Strait. They have nothing… yesterday, they had an 11-hour meeting… and everything was agreed to yesterday, and they leave the room, and they call back and they say, ‘we had to make a couple of change.”

Trump also warned Iran after the collapse of the ceasefire, adding that U.S. forces had carried out overnight strikes that destroyed key Iranian military equipment.

Following those remarks, Brent crude climbed above $79 per barrel after gaining nearly 5% as military exchanges between the United States and Iran continued. Iran announced that it had closed the Strait of Hormuz, although U.S. Central Command rejected that claim. Rising oil prices and geopolitical uncertainty weighed on global risk assets, including cryptocurrencies.

The latest market turbulence comes only hours after crypto.news reported that shares of American Bitcoin, the Bitcoin mining and treasury company backed by Eric Trump, had fallen more than 95% from their peak, according to Bloomberg.

The decline has erased more than $600 million from the value of Eric Trump’s roughly 6% stake. Bloomberg also reported that the company closed at a record low of $6.13 on July 10 after completing a 1-for-15 reverse stock split earlier this month.

Crypto liquidations have accelerated as traders await inflation data

Selling pressure quickly spread through digital assets, with Bitcoin falling more than 3% over several hours to trade at $62,389. During the same period, the cryptocurrency touched an intraday low of $62,120 after reaching as high as $64,340 over the previous 24 hours.

Ethereum, XRP, BNB, Solana, Hyperliquid, Zcash and Cardano also declined between 2% and 6% as investors reduced exposure to risk assets during the sharp market selloff.

According to CoinGlass, the downturn erased nearly $20 billion from the crypto market and triggered almost $40 million in liquidations across Bitcoin, Ethereum, SPCX, Solana, SNDK, Hyperliquid, MU and XRP positions. The derivatives data provider also reported that about 73,000 traders were liquidated over the past 24 hours.

CoinGlass further noted that the largest single liquidation occurred on Hyperliquid, where an XYZ:SKHX position worth approximately $4.86 million was closed.

Attention has now turned to this week’s U.S. economic events, with traders watching Tuesday’s consumer price index inflation report and testimony from Federal Reserve Chair Kevin Warsh for fresh signals on the central bank’s interest-rate path.

Those releases are expected to shape sentiment across financial markets as investors continue to assess the impact of escalating tensions in the Middle East.

SpaceX stock has fallen below the $140 level even after the U.S. Federal Aviation Administration completed its review of the company’s Starship Flight 12 mishap and cleared the path for the next launch.

According to data from Yahoo Finance, SpaceX stock was trading near $139 during the latest session, down about 4% on the day. The decline has pushed the shares close to their $135 IPO price and well below the $150 opening level recorded after last month’s public debut.

Over the past five trading days, the stock has lost more than 12%, extending its retreat despite a series of positive corporate developments.

FAA has completed the Starship Flight 12 review

Adding to the company’s operational progress, the FAA confirmed that it has closed its investigation into the Starship Flight 12 launch mishap. In an official statement, the regulator said there were no reports of public injuries or damage to public property during the incident.

The FAA also stated that it reviewed and accepted the findings and corrective actions proposed through SpaceX’s investigation. With the review now complete, the agency said the company may proceed with preparations for Starship Flight 13 as long as all remaining safety and licensing requirements are satisfied.

SpaceX is expected to conduct the Starship Flight 13 test flight as early as this week. Even so, the regulatory clearance has not triggered a recovery in the company’s share price, with the stock continuing to trade near its recent lows.

Another positive development also failed to change investor sentiment. Last week, SpaceX joined the Nasdaq-100 index, a milestone that typically brings additional demand from index-tracking funds and institutional investors. Despite that inclusion, the stock has continued to move lower in recent sessions.

Wall Street analysts bet on further upside

Although the recent price action has remained weak, several Wall Street firms have maintained bullish views on the stock. As previously reported by crypto.news, analysts at Morgan Stanley, Goldman Sachs, and Citi have all issued buy ratings on SpaceX shares despite the ongoing correction from recent highs.

The stock remains well below its record level above $200, increasing the gap between current trading levels and analysts’ long-term targets. Among the most optimistic forecasts, Raymond James recently initiated coverage with a Strong Buy rating and assigned an $800 price target.

According to Raymond James, that target implies potential upside of more than 400% from the stock’s current trading range. The brokerage’s outlook contrasts sharply with the recent weakness that has pulled shares back toward their IPO valuation.

For now, investors appear to be focusing more on the recent selling pressure than on the company’s operational progress. With Starship Flight 13 expected soon following the FAA’s clearance, upcoming launch execution could become the next closely watched catalyst for both the aerospace program and the stock’s near-term performance.

Bolivia is considering adding Tether’s USDT stablecoin to its national payments system, marking another step in the country’s shift from banning crypto transactions to allowing regulated digital asset use.

Economy Minister José Gabriel Espinoza said at a press conference on Monday that the government is evaluating whether USDT could circulate alongside the boliviano, the country’s fiat currency, and the U.S. dollar.

The proposal remains under technical review and the government has not published implementation rules or granted the stablecoin legal-tender status, local news outlet La Razón reported.

Officials are developing a framework for banks, digital wallets and payment providers, according to Espinoza. Any rollout would require stronger anti-money laundering controls as Bolivia remains on the Financial Action Task Force’s grey list, which subjects the country to increased monitoring over shortcomings in its financial crime regime.

The proposal comes amid a sharp rise in crypto adoption after Bolivia’s central bank lifted restrictions on transactions in June 2024. Central bank data shows that crypto transaction volume climbed from $46.5 million in the first half of 2024 to $294 million during the same period last year. Total transaction volume rose 630% after restrictions were removed, the central bank has said.

Dessislava Ianeva, an analyst at Nexo, made a similar point in an email to CoinDesk.

“ETF flows confirm it from another angle. The past ten days split between inflow and outflow, netting slightly positive,” Ianeva said.

“Glassnode data shows spot selling pressure has faded. June’s net selling averaged nearly 2,000 BTC a day; July’s has slowed to just 53 BTC a day, the calmest month of 2026 outside April.”

The relative calm, however, may not indicate a rapid turnaround.

The price recovery from the year’s low of $57,700, hit earlier this month, is largely driven by derivatives traders and not spot buyers, according to Alex Kuptsikevich, FxPro’s chief market analyst.

“Demand for Bitcoin is recovering rapidly, though the growth is currently being driven mainly by retail traders in the speculative futures market. At the same time, the situation in the spot market remains less positive,” he said.

Without a strong return of buy-side liquidity, prices could remain in a sideways trend for months to come, he said.

Caution is understandable ahead of macroeconomic data that may influence interest-rate decisions and the appetite for risk.

U.S. CPI for June is scheduled for release Tuesday and Fed Chair Kevin Warsh’s first Congressional testimony is due this week. These events could influence the market trajectory and make, or break, the recovery.

Bitcoin has slipped over 2% toward $62,000 after President Donald Trump reinstated an Iranian blockade in the Strait of Hormuz and announced new cargo fees for ships crossing the waterway.

According to a July 13 Truth Social post by President Trump, the renewed blockade will target only Iranian ships and customers while allowing all other countries to continue using the Strait of Hormuz.

The announcement comes as tensions between the United States and Iran have intensified again following fresh attacks around the key oil shipping route.

Trump stated that the Strait of Hormuz would remain open “with or without Iran” and declared that the United States would now be known as “THE GUARDIAN OF THE HORMUZ STRAIT.” 

He added that Washington would collect a 20% reimbursement on all cargo shipped through the passage with U.S. protection, saying the payment would cover the costs of maintaining safety and security in what he described as a volatile region.

The president also said implementation would begin immediately. The latest announcement follows his earlier proposal for the United States to take control of the Strait of Hormuz and introduce transit fees, an idea that came after Iran discussed imposing its own tolls on vessels crossing the chokepoint.

Bitcoin weakens as geopolitical risks return

Alongside the renewed geopolitical uncertainty, Bitcoin (BTC) has extended its retreat from levels above $64,000 reached earlier this week. The cryptocurrency is changing hands near $62,240 at the time of writing, down nearly 3% over the past 24 hours.

The daily chart also points to weakening momentum after Bitcoin failed to hold above the 78.6% Fibonacci retracement near $63,200 and slipped back below the 50-day simple moving average around $64,650. Price continues to trade inside a descending channel that has been in place since May, while the 100-day and 200-day moving averages remain much higher near $70,700 and $73,800, respectively.

Despite the decline, the Chaikin Money Flow indicator remains slightly positive at around 0.06, suggesting capital inflows have not completely reversed. Still, technical resistance between roughly $63,200 and $64,600 continues to cap recovery attempts, while support sits near the 20-day moving average around $61,870 before the psychologically important $60,000 level.

Traders reduce expectations for shipping recovery

Meanwhile, prediction markets indicate that traders have become increasingly pessimistic about shipping conditions returning to normal in the Strait of Hormuz.

According to data from crypto prediction platform Polymarket, the probability that maritime traffic will normalize before Aug. 31 has dropped to just 16%. Those odds have fallen sharply from nearly 48% earlier this month after Trump declared that the previous ceasefire was over.

The latest decline follows several days of military escalation between Washington and Tehran. Iran’s Navy has announced that the Strait of Hormuz will remain closed until further notice, while Iranian forces have reportedly struck multiple vessels operating in the waterway in recent days as the country seeks to tighten its control over the strategic oil corridor.

With geopolitical tensions continuing to escalate and uncertainty surrounding one of the world’s most important energy routes growing, risk assets such as Bitcoin remain under pressure as investors closely monitor developments in the region.