Bitcoin has made a notable recovery, climbing back above $109,000 after a weekend slump, as the announcement of a new tariff negotiation date by the Trump administration alleviated market fears of immediate volatility. This development has injected a fresh wave of optimism into the cryptocurrency market, with Bitcoin leading the charge.
Market Reaction to Trump's Tariff Announcement
The U.S. Treasury Secretary revealed that tariffs would take effect on August 1, giving countries more time to negotiate trade agreements with the U.S. This delay has been perceived positively by the market, easing concerns that were previously weighing on investor sentiment.
Bitcoin's Performance and Future Outlook
- Bitcoin rose 1.16% in the past 24 hours, reaching $109,362.
- The cryptocurrency hit a weekly high of $109,443 on Sunday, according to Yahoo Finance data.
- Analysts suggest that Bitcoin could enter a new price discovery zone if it surpasses its all-time high of $111,814, especially with the potential for a Federal Reserve interest rate cut.
Altcoins Join the Rally
- Ether grew by 2.41% to $2,577.
- XRP added 2.29% to $2.27.
- Solana gained 2.96% to $152.
The GMCI 30 Index, tracking the top 30 cryptocurrencies, is up 2.2%, indicating broad-based gains across the market.
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