BTC Surges After Trump Delays EU Tariffs
Bitcoin (BTC) experienced a significant price surge, exceeding $109,000 on Sunday evening. This rally followed President Donald Trump's announcement of an extension to the impending 50% tariff deadline on European Union goods, pushing the deadline to July 9th.
Trump's Tariff Decision and Market Reaction
President Trump's initial proposal on Friday to impose a 50% tariff on all EU imports, citing trade imbalances and regulatory concerns, caused an initial dip in Bitcoin's price, briefly falling below $108,000. The proposed tariff also included a potential 25% tariff on iPhones not manufactured in the US. However, the subsequent delay prompted a swift and substantial recovery in the cryptocurrency market.
Trump's decision, announced on Truth Social, followed a direct request from European Commission President Ursula von der Leyen. This extension temporarily defuses rising transatlantic trade tensions and creates an opportunity for renewed negotiations.
Key Takeaways:
- Bitcoin's price swiftly rebounded to over $109,000 after the tariff extension.
- The crypto market responded positively, with Bitcoin experiencing an intraday increase of over 3%.
- Hyperliquid's HYPE token saw a remarkable 46% weekly gain.
Altcoin Performance
The positive impact wasn't limited to Bitcoin. Other major cryptocurrencies, including Ethereum (ETH), XRP, and Solana (SOL), also showed gains after Trump's announcement. This broader market rally points to a correlation between macroeconomic events and cryptocurrency price movements.
HYPE, the native token of Hyperliquid, emerged as a standout performer, climbing from $25.7 to $39, representing an impressive 46% increase. Meanwhile, World's WLF token experienced a near 25% surge following a $135 million funding round led by notable investors Andreessen Horowitz and Bain Capital Crypto.
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