Bitcoin rebounds on hopes of US trade deal

Bessent: "Several Trade Agreements Will Be Concluded Before the Deadline"
Market Rises in Morning with Expectations of Global Trade Uncertainty
BTC Reclaims $109,000... Altcoins Up Over 2%

The cryptocurrency market, including Bitcoin (BTC), rose on the 7th with expectations of a US trade agreement settlement.

US Treasury Secretary Scott Bessent said in an interview with CNN on the 7th, "Several trade agreements will be concluded soon before the deadline" and "While some countries are hesitating, pressure is increasing, and progress is expected".

The deadline for tariff extension announced by President Donald Trump to major trading partners is the 9th. Regarding this, Secretary Bessent said, "When mutual tariff suspension ends, the previously announced tariffs will be applied from August 1st". The maximum tariff rate predicted by President Trump was 75%.

As the mutual tariff suspension deadline approaches and the US shows strong willingness for trade agreements, the market rebounded on the 7th with expectations that global trade policy uncertainty will soon be alleviated.

Bitcoin, which was temporarily depressed over the weekend, recovered to $109,000 in the morning. With Bitcoin's rebound, numerous altcoins recorded over 2% growth, making the cryptocurrency market clearly bullish on the morning of the 7th.

Reporter Seung-won Kwon ksw@blockstreet.co.kr