- Bitcoin recovered from Friday’s dip, climbing nearly 4% to trade at US$109,086, while Ethereum maintained its position above US$2.5k.
- Major cryptocurrencies including Solana and XRP posted gains, though Toncoin surrendered most of its recent increases following false UAE visa reports.
- US Treasury Secretary Scott Bessent’s comments about approaching tariff deadlines and potential deals boosted market sentiment ahead of the 9 July deadline.
- Trump’s “One Big Beautiful Bill” Act, could potentially strengthen Bitcoin’s inflation hedge narrative.
The crypto market is on a slow upward trend, with many coins recovering since a slight dip on Friday. Bitcoin (BTC) traded at US$107,515 (AU$165,365) on Friday but has since rallied nearly 4% to US$109,086 (AU$167,776).
Meanwhile Ethereum (ETH) has been holding above the US$2.5k (AU$3.84k) mark, currently trading at US$2,570 (AU$3,952), up almost 3% on the weekly timeframe.
Other major assets such as Solana (SOL) and XRP (XRP) also posted gains, while Toncoin (TON) surrendered most of its earlier advance after false reports of a UAE visa scheme circulated.
The mostly positive sentiment follows comments from US Treasury Secretary Scott Bessent on the tariff standoff. Bessent said the administration was close to finalising deals ahead of the 9 July deadline.
Related: SEC Hits the Brakes on Grayscale’s Multi-Crypto ETF Just Days After Green Light
US to Send Letters to Stragglers
He specifically mentioned the European Union, noting that the bloc had made “good progress”. He warned that any partners still without an agreement would receive a letter from Trump:
“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said, according to reporting by Reuters.
Commerce Secretary Howard Lutnick added that the US President was “setting the rates and the deals right now”.
In April, Trump announced a 10% base tariff on most countries – with additional duties up to 50% – but then postponed all higher rates (leaving only the 10% in effect) until 9 July, granting a three-week reprieve.
Trump also posted on social media that companies which will be “aligning themselves with Anti-American policies of BRICS” would also face further penalties.
Big Beautiful Bill one Big Bitcoin Boost?
On 3 July, the US Congress also passed Trump’s One Big Beautiful Bill Act, which the president signed the following day. Although the Act contains few explicit crypto provisions, it is widely viewed as bullish for the sector – and even prompted Elon Musk to announce a new political party.
According to The Washington Post, Jessica Riedl, senior fellow at the Manhattan Institute, said that Trump has “added more red ink than any president since at least LBJ [Lyndon B. Johnson], and he is doing it on top of deficits that had already been soaring”.
Record‐high deficits often spur more borrowing and “money‐printing”, diluting fiat currencies and driving inflation – making capped‐supply crypto like Bitcoin a popular hedge against that debasement.
Read more: Coinbase’s Conor Grogan Flags $8.6B ‘Sleeping’ Bitcoin Wake-Up as Potential Historic Hack
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