Key Takeaways
- Bitcoin’s price surpassed $109,000 following the extension of the EU tariff deadline.
- The crypto market reacted positively to the announcement, with Bitcoin rising over 3% intraday.
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Bitcoin rallied past $109,000 on Sunday evening after President Donald Trump announced he had agreed to extend a looming 50% tariff deadline on EU goods to July 9.
The US President on Friday proposed a 50% tariff on all EU imports starting next month. He cited trade imbalances and regulatory frictions as the rationale for the move, declaring current EU-US trade dynamics “totally unacceptable.”
He also targeted Apple with a potential 25% tariff on iPhones not manufactured in the US.
Bitcoin fell below $108,000 in the wake of Trump’s tariff announcement, with the correction deepening to sub-$107,000 levels over the weekend. The digital asset rebounded following Trump’s decision to delay the policy.
In a Truth Social post on Sunday, Trump stated that he granted the extension to July 9 after receiving assurances from von der Leyen that the EU was ready to “advance talks swiftly and decisively.”
The decision, following a direct request from European Commission President Ursula von der Leyen, temporarily eases mounting transatlantic trade tensions and opens a window for renewed negotiations.
Bitcoin, which had traded flat over the weekend, surged over 1,900 points in a matter of minutes. At press time, Bitcoin was trading near $109,000, just around 2.5% below its all-time high of $111,900 set earlier this week.
As Bitcoin surged, other major crypto assets followed suit. Ethereum (ETH), XRP, and Solana (SOL) all posted gains after Trump’s announcement, per CoinGecko.
Among this week’s standout performers, Hyperliquid’s native token HYPE led the rally, climbing from $25.7 to $39, a weekly gain of roughly 46%.
Meanwhile, World’s WLF token jumped nearly 25% after the project, helmed by OpenAI CEO Sam Altman, announced a $135 million funding round led by Andreessen Horowitz and Bain Capital Crypto.
The fresh capital will accelerate deployment of its iris-scanning Orbs and expand its biometric identity infrastructure across the US and international markets.
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