Bitcoin Surges to $120,000 Following Trump’s EU Tariff Deal Announcement
Markets showed optimism following U.S. President Donald Trump's confirmation of a tariff deal with the EU, reducing levies to 15%. Key market movements include:
- S&P 500 futures up 0.3%
- Dow contracts increased by 180 points
- Bitcoin approaching $120,000, nearly 5% below its all-time high
Bitcoin traded between $114,000 and $119,000 last week. A notable transfer of large BTC holdings to exchanges has raised concerns about a possible market correction, according to CoinW's Chief Strategy Officer Nassar Al Achkar. Institutional interest in crypto remains strong.
Other key assets experienced price changes:
- Ether rose 3.7% to $3,932, nearing $4,000
- XRP gained 2% to $3.30
- BNB increased by 6.3%
- Dogecoin climbed 2% to 24 cents
- Solana and Cardano traded above $190 and 85 cents, respectively
July has been pivotal for mainstream crypto adoption, with public companies raising capital for crypto treasuries. Jeff Mei from BTSE highlighted that this month marks a structural shift in crypto investment strategies. He noted significant milestones, including the passing of the GENIUS Act and cryptocurrencies reaching a $4 trillion market cap.
Upcoming events such as the Fed meeting and tariff negotiations could impact market dynamics, while traders prepare for potential volatility due to earnings reports and inflation data.