Major Cryptocurrencies Rise Amid U.S. Trade Deal Hints

Major cryptocurrencies experienced gains on Sunday as U.S. Treasury Secretary Scott Bessent hinted at imminent trade deals ahead of the July 9 tariff deadline.

Bitcoin, the leading cryptocurrency by market value, rose over 1%, briefly surpassing $109,000. XRP and Solana’s SOL token both gained over 2%, while meme token dogecoin increased by 3%. Ethereum’s ether, the second-largest token, climbed 1.5% to $2,550.

In a CNN interview, Bessent stated that the U.S. is nearing the completion of several trade agreements before the July 9 deadline, after which higher tariffs will take effect.

“President Trump’s going to send letters to some of our trading partners, stating that if progress isn’t made, tariffs from April 2 will return on August 1. Expect to see many deals finalized soon,” Bessent said, according to Reuters.

He noted that July 9 is the negotiation deadline, and without agreements, tariffs set in early April will go into effect on August 1. Bessent remarked that some countries have been slow in negotiations.

Since taking office, President Trump has aimed to enhance U.S. wealth through tariffs on imports, a strategy to adjust trade relations and decrease the trade deficit.

Trump’s sweeping tariffs, announced on April 2, included a 10% tax on all trading partners and additional rates for various countries, some as high as 50%. This “Liberation Day” announcement triggered a significant sell-off in financial markets, affecting U.S. stocks and causing Bitcoin to drop to $75,000.

In response to the turmoil, the Trump administration announced a 90-day pause in these tariffs shortly after. Following this, U.S. exceptionalism has re-emerged in markets, pushing major U.S. equity indices to new heights, with the S&P 500 and Nasdaq outperforming global counterparts, while Bitcoin rebounded to trade above $100,000.