Bitcoin Zooms to $120K, ETH Nears $4K as Trump’s EU Tariff Deal Lifts Risk Sentiment

Markets kicked disconnected the week with a renewed question of optimism aft U.S. President Donald Trump confirmed a tariff woody with the European Union, scaling levies down to 15% from the antecedently threatened 30%.

The announcement sent S&P 500 futures up 0.3%, Dow contracts higher by 180 points and Bitcoin (BTC) to astir $120,000 for the archetypal clip successful astir 2 weeks — conscionable nether 5% shy of its all-time high.

Bitcoin, which had spent the past week trading betwixt $114,000 and $119,000 neared the $120,000 obstruction arsenic traders interpreted Trump’s tariff rollback arsenic a awesome of reduced macro uncertainty.

“Bitcoin maintained a resilient scope and rebounded to $119k aft aged wallets with tens of thousands of BTC began transferring funds to exchanges, which led immoderate traders to fearfulness a marketplace correction,” Nassar Al Achkar, Chief Strategy Officer astatine CoinW, said successful a Telegram enactment to CoinDesk.

“Numerous institutions proceed to onboard into the crypto manufacture and utilize reserve strategies, showcasing beardown request against caller surges of banal prices,” helium added.

Ether (ETH) roseate 3.7% successful 24 hours to $3,932, with momentum gathering up of the $4,000 people successful its highest terms scope since December. Interest successful the plus has accrued successful the past fewer weeks arsenic listed companies, specified arsenic SharpLink, acceptable retired to physique ETH treasuries.

Meanwhile, past marketplace cycles typically amusement a play of ETH outperformance aft bitcoin rallies, which whitethorn further beryllium bouying trading demand.

XRP (XRP) gained 2% to $3.30, continuing its rebound aft caller volatility and ETF speculation.

Among altcoins, BNB (BNB) led large-cap gains, up 6.3%, portion Dogecoin (DOGE) climbed 2% to 24 cents extending its play rally to astir 9%. Solana’s SOL (SOL) and Cardano’s ADA (ADA) posted humble gains, trading supra $190 and 85 cents, respectively.

July has marked a turning constituent successful mainstream adoption. With nationalist companies raising superior for crypto treasuries and banks rushing to conscionable demand, Jeff Mei, COO astatine BTSE, sees this arsenic much than a rally, terming it a structural displacement successful wide crypto investing strategies.

“Markets person been connected a teardrop successful July — the passing of the GENIUS Act and cryptocurrencies reaching a corporate $4 trillion marketplace capitalization are important milestones for the industry,” Mei said. “We are seeing an unthinkable fig of companies raising wealth connected nationalist markets to follow crypto treasury strategies. Banks and different fiscal institutions are scrambling to rotation retired cryptocurrency-related services to conscionable expanding demand.”

Mei added that the upcoming Fed gathering and tariff negotiations could service arsenic cardinal inflection points, with an earlier-than-expected complaint chopped perchance fueling different limb higher for some equities and integer assets.

Still, with net season, ostentation data, and Trump’s August 1 tariff deadline connected the calendar, traders are apt bracing for a volatile week.