Major cryptocurrencies increased in value on Sunday morning following U.S. Treasury Secretary Scott Bessent’s indications of impending trade agreements before the July 9 Liberation Day tariff deadline.

Bitcoin, the top cryptocurrency by market capitalization, gained over 1%, briefly exceeding $109,000. XRP, aimed at payments, and Solana’s SOL token also rose over 2%, while meme sensation Dogecoin increased by 3%. Ethereum’s Ether, the second-largest coin, rose 1.5% to $2,550.

Bessent stated in an interview that the U.S. is nearing the completion of various trade deals ahead of the July 9 deadline. If negotiations falter, tariffs originally announced on April 2 could be reinstated.

“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 revert back to your April 2 tariff level. I believe we will witness a flurry of deals very soon,” Bessent remarked in one of his interviews.

Bessent highlighted that July 9 is crucial for negotiations to progress, otherwise, the tariffs imposed in April will be enforced starting August 1.

As the geopolitical backdrop shifts, these price movements signal a vibrant period for cryptocurrencies, which remain influenced by traditional market sentiments and trade dynamics.