Markets started the week with a renewed wave of optimism after US President Donald Trump confirmed a customs agreement with the European Union, scaling taxes to 15% from the previously threatened 30%.
The message sent the S&P 500 futures up 0.3%, DOW contracts higher with 180 points and Bitcoin (BTC) to almost $ 120,000 for the first time on almost two weeks-button 5% shy for its all the time.
Bitcoin, who had spent the last week shopping between $ 114,000 and $ 119,000 approached $ 120,000 barrier when dealers interpreted Trump’s customs roll as a signal of reduced macrous security.
“Bitcoin maintained an elastic assortment and rebounded to $ 119k, after old wallets with tens of thousands of BTC began transferring funds to exchanges, which led some traders to fear a market correction,” said Nassar Al Achkar, Chief Strategy Officer at Coinw, in a telegram note to Coindesk.
“Numerous institutions continue to board the crypto industry and exploit reserve strategies and show a strong demand against the recent increases in stock prices,” he added.
Ether (ETH) rose 3.7% in 24 hours to $ 3,932, with momentum building in front of the $ 4,000 mark in its highest price range since December. Interest in the asset has risen in the last few weeks when listed companies, such as Sharplink, are trying to build Eth Treasuries.
Meanwhile, earlier market cycles typically show a period of a -better than Bitcoin events, which may further be a demand for trade in trade.
XRP (XRP) won 2% to $ 3.30 and continued its rebound after recent volatility and ETF speculation.
Among Altcoins, BNB (BNB) led large capsules, an increase of 6.3%, while Dogecoin (DOGE) rose 2%to 24 cents, extending its weekly rally to almost 9%. Solana’s Sun (Sol) and Cardanos Ada (ADA) published modest winnings that traded over $ 190 and 85 cents respectively.
July has marked a turning point in the mainstream take -off. With public companies raising capital to crypto state boxes and banks that rush to meet demand, Jeff Mei, COO in BTSE, sees this as more than a rally that describes it a structural shift in general crypto investment strategies.
“The markets have been in a tear in July – the adoption of the Genius Act and Cryptocurrencies, which reach a collective $ 4 trillion market value, are important milestones for the industry,” Mei said. “We are seeing an incredible number of companies raising money in public markets to adopt crypto-state box strategies. Banks and other financial institutions shrink to roll cryptocurrency-related services to meet rising demand.”
Mei added that the upcoming FED meeting and customs negotiations could serve as key-bending points, with a earlier than expected rate that potentially burned another leg higher for both stocks and digital assets.
Still, with the earnings season, inflation data and Trump’s August 1st August deadline on the calendar, dealers are probably stiffened in an unstable week.
