7th July 2025 – (New York) Key cryptocurrencies experienced a notable rise on Sunday morning, following comments from U.S. Treasury Secretary Scott Bessent regarding imminent trade agreements ahead of the July 9 deadline for tariff negotiations.
Bitcoin, the dominant cryptocurrency by market capitalisation, increased by over 1%, briefly surpassing $109,000. Other significant cryptocurrencies, including XRP and Solana’s SOL, rose by more than 2%, while Dogecoin (DOGE) saw a 3% increase, as reported by CoinDesk. Ethereum’s ether, the second-largest cryptocurrency, also climbed 1.5% to reach $2,550.
In an interview with CNN, Bessent indicated that the U.S. is close to concluding multiple trade deals before the July 9 deadline, after which temporary tariffs implemented on April 2 could be reinstated if negotiations falter. He stated, “President Trump will be sending letters to some of our trading partners indicating that if progress isn’t made, tariffs will revert to their previous levels on August 1.”
Bessent emphasised that July 9 is a critical date for negotiations, and failure to reach an agreement by then would result in the reactivation of higher tariffs. He noted that some countries have been slow to negotiate, remarking, “If you want to accelerate discussions, now is the time. If you prefer to return to the previous tariff rates, that remains your choice.”
Since taking office, President Trump has aimed to bolster the U.S. economy by imposing tariffs on imports, a strategy designed to recalibrate trade relations and reduce the trade deficit. The tariffs, announced on April 2, began with a 10% base rate for all trading partners, with some tariffs reaching as high as 50%. This announcement triggered a sell-off in the financial markets, causing significant declines in U.S. stocks and a drop in Bitcoin, which fell to $75,000.
In response to the market turmoil, the Trump administration subsequently declared a 90-day pause on the tariffs. Since then, U.S. exceptionalism has returned to the markets, driving major U.S. equity indices to record highs and allowing Bitcoin to trade above $100,000.
