- Major cryptocurrencies increased Sunday following comments from U.S. Treasury Secretary Scott Bessent about imminent trade deals.
- Bitcoin rose over 1%, briefly surpassing $109,000, while Ethereum, XRP, Solana, and Dogecoin also posted gains.
- Bessent stated that several trade agreements are close to being finalized before the July 9 tariff deadline.
- President Donald Trump warned trading partners that higher tariffs paused in April could resume on August 1 if deals are not reached.
- Financial markets rebounded from the initial April tariff announcement, with U.S. stock indices and Bitcoin reaching new highs.
Major cryptocurrencies gained value on Sunday as U.S. Treasury Secretary Scott Bessent signaled that the United States is nearing several key trade agreements ahead of the looming July 9 deadline for tariff negotiations. The increase comes just days before the expiration of a temporary pause on recently imposed tariffs.
According to market data, Bitcoin—the largest cryptocurrency by market capitalization—rose more than 1%, at one point trading above $109,000. Ethereum, the second-largest cryptocurrency, climbed 1.5% to $2,550. Other digital assets including XRP, Solana’s SOL token, and Dogecoin posted gains between 2% and 3%.
In an interview with CNN, Bessent said the U.S. is “close to finalizing several trade deals” before July 9, referencing the scheduled end of the pause on higher tariffs that was implemented after President Donald Trump initiated sweeping tariff measures on April 2. “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent told CNN, as reported by China/us-close-several-trade-deals-announcements-be-made-next-days-bessent-says-2025-07-06/”>Reuters.
Bessent confirmed July 9 as the final deadline for negotiations, after which higher U.S. import tariffs—first announced in April—would automatically begin on August 1. “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” Bessent added, noting that some nations have been slow to reach agreements.
Since President Trump took office earlier this year, his administration has prioritized policies to reduce the U.S. trade deficit, including introducing tariffs on imported goods—taxes meant to rebalance trade. The April 2 announcement of new tariffs, starting with a 10% base tax on all partners and up to 50% on certain countries, triggered a market sell-off and sent Bitcoin sharply down to $75,000.
Market concerns led the administration to pause the tariffs for 90 days. In the weeks since, U.S. stock markets and cryptocurrencies have rebounded, reaching record levels as signs of progress emerged in trade negotiations.
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