Bitcoin Surges Toward $110K Amid Upcoming Trade Tariffs and ETF Launch
Bitcoin is approaching $110,000, recovering from a dip below $106,000. It recently traded at around $109,500, up 3.5% in 24 hours.
The price increase follows Donald Trump's announcement of a trade deal with Vietnam, positively impacting risk assets, including the Nasdaq, which rose 0.8%.
Key points of the trade deal include:
- A 20% tariff on goods from Vietnam
- A 40% levy on transshipped goods to the U.S.
- No tariffs on U.S. exports entering Vietnam
Additionally, the launch of the REX-Osprey Solana + Staking ETF (SSK) contributes to positive crypto sentiment. The ETF has achieved a volume of $20 million, indicating strong market interest.
July may be volatile for Bitcoin due to:
- Trump's "Big Beautiful Bill," potentially increasing the U.S. deficit by $3.3 trillion
- A July 9 tariff deadline that could lead to aggressive trade actions
- A July 22 deadline for updates on a crypto executive order and the U.S. Strategic Bitcoin Reserve
Despite these factors, the current crypto market remains calm with limited leverage, suggesting stability as the month progresses.