Bitcoin climbs back above $109,000 after weekend slump as Trump sets new tariff date

The Bitcoin price rose above $109,000 as of early Monday morning, alongside gains in other cryptocurrencies, as the Trump administration's new tariff date eased concerns of imminent volatility.

According to The Block's crypto price page, bitcoin is up 1.16% in the past day to trade at $109,362. The top cryptocurrency by market cap had dipped to lows of around $108,000 for the majority of the weekend, but started to regain momentum on Sunday.

Bitcoin also closed Sunday at an all-time weekly high of $109,443, according to Yahoo Finance data. 

U.S. Treasury Secretary Scott Bessent announced Sunday that tariffs, initially revealed in April, will take effect on Aug. 1 for countries without a trade agreement with the U.S. He warned that the tariff level will revert to April's rates if negotiations fail before that date.

President Trump had previously set a 90-day pause on tariffs in April, which is due to expire on Wednesday.

"Traders previously were concerned about volatility leading up to the July 9 tariff deadline on Wednesday," said Jeff Mei, COO at BTSE. "It looks like markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect at the beginning of August."

Mei added that the upcoming release of the U.S. consumer price index on July 15 will offer more insight into whether inflation is low enough for the Federal Reserve to lower interest rates. An interest rate cut raises potential for an extended rally, possibly to rewrite its all-time high of $111,814.

"Bitcoin may enter a new price discovery zone once it surpasses its all-time high, while select altcoins may follow as DeFi protocols and AI companies are increasingly catering to institutional demand," said LVRG Research Director Nick Ruck.

Other cryptocurrencies also reported gains in the past 24 hours. Ether grew 2.41% to $2,577, XRP added 2.29% to $2.27 and Solana gained 2.96% to $152. The GMCI 30 Index, which measures the performance of top 30 cryptocurrencies, is up 2.2%.

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