Major cryptocurrencies rallied Sunday after U.S. Treasury Secretary Scott Bessent hinted that multiple trade deals are close to completion ahead of the July 9 Liberation Day tariff deadline. Bitcoin (BTC) briefly surpassed $109,000 with a 1% gain, while Ethereum (ETH) rose 1.5% to $2,550. XRP and Solana (SOL) each gained over 2%, and meme coin Dogecoin (DOGE) jumped 3%, according to CoinDesk.
In a CNN interview, Bessent confirmed that the U.S. will finalize new trade agreements before July 9, warning that higher tariffs — announced on April 2 — will resume August 1 if deals aren’t reached. He noted that letters will be sent to trading partners, urging them to act or face tariff hikes: “If you don’t move things along, you’ll boomerang back to the April 2 tariff level.”
President Donald Trump’s aggressive trade stance aims to reduce the U.S. trade deficit by levying steep import tariffs, including a 10% base rate with some surcharges reaching 50%. The original Liberation Day announcement triggered a market sell-off, crashing Bitcoin to $75,000 and causing turmoil in U.S. equities.
However, a 90-day tariff pause helped stabilize sentiment. Since then, U.S. markets have outperformed globally, with the S&P 500 and Nasdaq reaching record highs. Bitcoin has rebounded strongly, climbing back above $100,000 in recent weeks.
As the tariff deadline nears, optimism around fast-tracked trade deals is boosting risk appetite across digital assets and equities, reflecting renewed investor confidence in U.S. economic leadership. With crypto markets closely tied to macro policy shifts, upcoming tariff decisions may continue to drive volatility and bullish momentum.
