Major cryptocurrencies rose Sunday morning as U.S. Treasury Secretary Scott Bescent hinted at upcoming trade deals before the tariff deadline for the July 9 release date.
Bitcoin, the leading cryptocurrency by market value, is over 1% and shortly above $109,000. Payment-centric XRP and Solana Sol Tokens earn more than 2% each, and with Meme Token Doge Coin
According to data source Coindesk, it’s up 3%. Ethereum’s ether, the second largest token, rose 1.5% to $2,550.
In an interview with CNN, Bessent said ahead of the July 9 deadline, the US is approaching closing several trade deals once the temporary suspension expires at higher tariffs announced on April 2.
“President Trump is going to send a letter to some of our trading partners saying that if things don’t move, they’ll return to the tariff levels of April 2 on August 1st. So I think a lot of transactions will be seen very quickly.”
Bessent explained that July 9 is still the deadline for negotiations, with higher tariffs announced in early April either coming into effect or failing from August 1.
“We say this is when this is happening. If you want to speed things up, you have it. If you want to go back to the old rate, that’s your choice,” Bescent told CNN, adding that some countries “throw your feet” to reach the deal.
Since taking office earlier this year, President Donald Trump has focused on making the United States wealthy again by imposing tariffs on goods imported from other countries.
Trump announced a sweep tariff on April 2nd, starting with a 10% basic tax on all trading partners and an additional amount in many countries. The so-called release day announcement sparked a sale in financial markets, with US stocks falling to $75,000, a massive hit with a sharp decline in Bitcoin.
The panic may have prompted the Trump administration to announce a 90-day suspension a week later.
Since then, so-called US exceptionalism has resurfaced in financial markets, lifting the US major stock indexes to highs. Both the S&P 500 and NASDAQ outperformed global peers, with BTC gathering at over $100,000.
