What You Need to Know:
- Bitcoin is pushing towards the $110,000 threshold for the first time in nearly a month after breaking free from a narrow price range.
- A key factor in this upsurge appears to be President Donald Trump’s announcement of a trade agreement with Vietnam, coupled with a robust first trading day for the new Solana staking ETF.
- Experts predict that July may be a volatile month for Bitcoin, influenced by anticipated changes in policy, such as upcoming deadlines on the budget bill and tariffs, as noted by Vetle Lunde, head of research at K33.
Bitcoin BTC is currently trading upwards, nearing $110,000 on Wednesday, rebounding from a dip below $106,000 seen the previous day. It has recently been trading at its highest value since June 11, approximately $109,500, reflecting a 3.5% increase in merely 24 hours.
BTC price
The rekindled interest in Bitcoin comes as Donald Trump revealed a trade agreement with Vietnam, which has helped improve market sentiment across various assets. The Nasdaq composite index has seen a rise of 0.8% as of midday.
Under the terms of the trade deal, the U.S. will implement a 20% tariff on goods imported from Vietnam and a 40% charge on goods routed through Vietnam that are destined for the U.S. Meanwhile, American exports will be exempt from tariffs when entering the Vietnamese market.
Optimism in the crypto sphere was further bolstered by the debut of the REX-Osprey Solana + Staking ETF (SSK), marking the launch of the first crypto-staking product in the U.S.
“Volume for $SSK reached $20 million, signifying a strong performance—the top 1% among new launches,” stated Eric Balchunas, an analyst from Bloomberg. He compared it to another recent SOL futures-based ETF, which only garnered $1 million in its opening day trading.
Looking ahead, Vetle Lunde warned that July is likely to be a month filled with geopolitical and economic shifts due to Trump’s policies, which could lead to fluctuations in the cryptocurrency markets. He mentioned that initiatives including a controversial expansionary budget bill, referred to as the ‘Big Beautiful Bill’, and a potential update on the U.S. Strategic Bitcoin Reserve are all on the horizon for July.
As Lunde observes, “July poses several unpredictable factors thanks to Trump’s policy decisions. However, the crypto market remains calm without excessive speculation.”
Overall, experts believe there are only minimal reasons to expect a significant downturn in the crypto market since leverage remains relatively contained.
