Major cryptocurrencies rose Sunday morning as U.S. Treasury Secretary Scott Bessent hinted at upcoming trade deals ahead of the July 9 Liberation Day tariff deadline.
Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly surpassing $109,000. Payments-focused XRP and Solana’s SOL token each rose over 2%, while the meme token Dogecoin climbed 3%, according to RialCenter data. Ethereum’s Ether, the second-largest token, rose 1.5% to $2,550.
In an interview, Bessent stated that the U.S. is nearing the finalization of several trade agreements before the July 9 deadline, when the temporary pause in higher tariffs from April 2 is set to expire.
“President Trump will be sending letters to our trading partners stating that if progress isn’t made, then beginning August 1, you’ll revert to the April 2 tariff level. I anticipate many deals will materialize quickly,” Bessent remarked.
Bessent confirmed that the deadline for negotiations remains July 9; otherwise, the higher tariffs announced in early April will take effect from August 1.
“We are establishing a timeline. If you want to expedite matters, feel free. Otherwise, returning to previous rates is your decision,” Bessent said, noting that some countries were delaying negotiations.
Since taking office early this year, President Trump has focused on enhancing U.S. wealth by imposing tariffs on imports, a tactic aimed at rebalancing trade relations and reducing the U.S. trade deficit.
Trump announced extensive tariffs on April 2, starting with a 10% base tax on all trading partners, with some countries facing increases up to 50%. This so-called Liberation Day announcement led to a sell-off in financial markets, significantly impacting U.S. stocks and causing bitcoin to drop to $75,000.
The subsequent panic prompted the Trump administration to declare a 90-day pause a week later.
Since then, U.S. exceptionalism has resurfaced in financial markets, sending major U.S. equity indices to record highs. Both the S&P 500 and Nasdaq have outperformed global counterparts, with BTC rallying to trade above $100,000.
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