Dogecoin Surges 6% to Top Cryptocurrency Gains as Bitcoin Approaches $110K Amid Rate-Cut Hopes
Dogecoin led gains among major cryptocurrencies, rising over 6%, as Bitcoin approaches the $110,000 mark. This comes as U.S. officials announce a delay in tariff hikes, fueling optimism for Federal Reserve rate cuts.
In the last 24 hours, Dogecoin (DOGE) climbed by over 6%, leading the charge among major cryptocurrencies as Bitcoin (BTC) approached the $110,000 milestone. This upswing was fueled by optimism surrounding potential rate cuts from the Federal Reserve and alleviating concerns regarding impending U.S. tariffs.
The surge followed announcements from U.S. officials suggesting that President Trump’s expected tariff increases would not take effect immediately, allowing nations more time to negotiate.
“Markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect,” stated Jeff Mei, COO at BTSE, in a Telegram message. “If we see a soft CPI print on Tuesday, that could open the door for a Fed rate cut later this year.”
The enhanced trading volume, surpassing $1.5 billion, indicates a strong return of retail investor enthusiasm as Dogecoin’s popularity surges. Additionally, Bitcoin’s value rose by 1.1%, trading above $109,000, while Ethereum (ETH) saw a 2.5% increase, reaching $2,570.
Traders are now closely monitoring U.S. inflation data set for release on Wednesday, looking for indicators that might bolster the case for a potential rate cut, further supporting the rebound in crypto assets.
Read more: Elon Musk Says America Party Will Embrace BTC as ‘Fiat Is Hopeless’
