Crypto Prices Climb as U.S. Treasury Chief Signals Trade Deals Ahead of Tariff Deadline
Bitcoin briefly broke above $109,000 on Sunday, leading a rally that also saw gains in major cryptocurrencies like XRP, Solana’s SOL, and dogecoin, fueled by rising hopes for new U.S. trade agreements.
The surge followed remarks from U.S. Treasury Secretary Scott Bessent, who suggested the U.S. is poised to finalize several trade deals before the fast-approaching July 9 “Liberation Day” tariff deadline.
Bitcoin, the world’s top cryptocurrency by market cap, gained over 1%, briefly exceeding $109,000. Meanwhile, XRP and Solana’s SOL token both advanced more than 2%, while meme favorite dogecoin (DOGE) rose 3% to around $0.1697, according to CoinDesk data. Ethereum’s ether, the second-largest crypto by market size, also climbed 1.5% to reach $2,550.
During an interview with CNN, Bessent shared that several trade negotiations are close to wrapping up before July 9, the day when a temporary pause on tariff hikes announced on April 2 is scheduled to end.
“President Trump plans to send letters to certain trading partners warning that if talks don’t progress, tariffs will snap back to the April 2 levels starting August 1,” Bessent said, according to Reuters. “So I think we’ll see quite a few deals coming together soon.”
Bessent made clear that deals must be completed before July 9 to avoid higher tariffs kicking in on August 1.
“We’re making it clear this is the timeline. Countries that want to accelerate talks are welcome to do so. But if they’d rather go back to the previous tariff rates, that’s their decision,” Bessent told CNN, noting that some partners were “dragging their feet.”
Since reclaiming the presidency earlier this year, President Donald Trump has intensified his economic strategy, pushing new tariffs on imported goods. The administration views tariffs as crucial for adjusting trade relationships and narrowing the U.S. trade deficit.
On April 2, Trump announced broad tariffs, including a 10% base duty on all trading partners, along with steeper rates for some nations that could reach 50%. The news initially rattled markets, sending U.S. stocks lower and dragging bitcoin down to roughly $75,000.
Fears of economic fallout led the White House to delay the tariff rollout for 90 days about a week after the announcement.
Since then, the notion of U.S. exceptionalism has regained traction in financial markets, driving U.S. equity indices to record highs. Both the S&P 500 and Nasdaq have outperformed global benchmarks, while bitcoin has bounced back strongly, maintaining prices above the $100,000 mark.
