Tesla crashes along with gold and S&P 500 as Bitcoin makes highest weekly close ever

Tesla stock opened the week with a red candle, falling to $315.35, a 0.095% dip that lined up with a broader selloff across US equities and metals.

The drop hit as Bitcoin blew through resistance and ended the June 29 week with its highest weekly close ever. The action split risk markets in two. Stocks went down, crypto went up.

As per usual, the trigger came straight out of Washington after President Donald Trump confirmed on Sunday that new tariffs will begin August 1, not July 9 as markets had priced in.

The news sent US stock futures into a tailspin Sunday night. The Dow Jones Industrial Average dropped 146 points, down 0.32%. S&P 500 futures lost 0.39% and Nasdaq 100 futures fell 0.42%. Trump didn’t make the announcement alone.

Standing beside him was Commerce Secretary Howard Lutnick, who told reporters, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in agreement, ending the market’s weekend hopes. The update came after days of guessing by investors and left Wall Street hanging just as they were coming off a strong week.

Bitcoin makes history as ETF inflows build

Bitcoin managed to stay above $108,500 before closing Sunday at over $109,000, according to data from CoinGecko. Over the past month, nearly 50,000 BTC moved into US spot ETFs, signaling strong institutional demand.

Based on their flow-to-price model, the next major target sits at $117,000. That model has tracked closely with price action in previous cycles, especially during aggressive ETF accumulation. Market analysts are calling it “whale games,” as large buyers quietly accumulate while retail watches from the sidelines.

While Bitcoin moved up, metals moved down. Gold, which had gained almost 2% last week, gave back ground and hovered around $3,325 per ounce on Monday. It’s still up over 25% in 2025 and is sitting just under $170 shy of its April record.

ETF inflows and central bank demand have kept gold up this year, but short-term traders pulled back after the White House announcement.

S&P 500 loses steam after tariff delay creates confusion

Treasury Secretary Scott Bessent confirmed the new tariff date during an appearance on CNN’s “State of the Union” earlier Sunday. “If there’s no deal, tariffs go back to April 2 levels on August 1,” he said. That announcement set expectations that major duties could return unless a breakthrough is made in trade talks. Most investors had planned around tariffs starting this week. That now looks wrong.

The original 90-day pause from April’s “reciprocal” tariffs was set to expire Tuesday, with an EU agreement deadline hitting Wednesday. If no deal is struck with the European Union, tariffs up to 50% on EU goods are expected.

Last week’s stock rally came from the belief that Trump wouldn’t actually follow through with the most extreme tariff threats. That optimism collapsed. Still, some traders are holding out hope. They believe US firms will beat weak earnings expectations if they can show they’re ready to handle tariffs.

The US Dollar Index dipped slightly to 96.90, while China’s Renminbi fell 0.07% to 7.1656. The Japanese Yen also slipped to 0.0069, with a minor move of +0.0000090. Other currencies, including the euro, pound, and ruble, are also trading just below neutral.

Silver, unlike gold, ripped to $37.225, the highest price seen in nearly 14 years. That spike stood out in a market dominated by selling pressure.

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