News from The Block reveals that Bitcoin has regained its value, surpassing the $109,000 mark on early Monday, following a slump over the weekend. This comes as other cryptocurrencies also see gains, with the new tariff deadline set by the Trump administration mitigating immediate volatility fears.
According to The Block’s cryptocurrency price tracker, Bitcoin has risen by 1.16% within a day, currently trading at $109,362. Over the weekend, Bitcoin’s value had fallen to roughly $108,000, but it regained momentum as of Sunday.
On Sunday, Bitcoin closed at a weekly all-time high of $109,443 as per data from Yahoo Finance. U.S. Treasury Secretary Scott Bessent announced on Sunday that tariffs, initially proposed in April, would be imposed from August 1 on countries without a U.S. trade agreement. He cautioned that the tariff level would return to those of April if negotiations fell through by the deadline.
President Trump had previously suspended tariffs for 90 days in April, a pause set to end on Wednesday. BTSE COO, Jeff Mei, stated, “Markets seem to be rallying as it’s revealed that countries now have more negotiation time before tariffs kick in at August’s start.”
Mei also mentioned that the U.S. consumer price index release on July 15 would provide further details on whether inflation is low enough for the Federal Reserve to cut interest rates. A cut in interest rates could fuel a prolonged rally, potentially surpassing Bitcoin’s all-time high of $111,814.
“Bitcoin could enter a new price discovery phase once it exceeds its all-time high. Select altcoins might follow suit as DeFi protocols and AI companies increasingly cater to institutional demand,” says LVRG Research Director, Nick Ruck.
Other cryptocurrencies also saw gains in the past 24 hours. Ether increased by 2.41% to $2,577, XRP grew by 2.29% to $2.27, and Solana climbed by 2.96% to $152. The GMCI 30 Index, measuring the performance of the top 30 cryptocurrencies, is up by 2.2%.
