#alert Bitcoin surged strongly this Wednesday, nearing $110,000, the highest level in almost a month, after overcoming Tuesday's drop that had pushed the price below $106,000. The movement was driven by Donald Trump's announcement of a trade agreement with Vietnam and the strong performance of the new Solana staking ETF on its first trading day.
Close to 4:30 PM (Brasilia time), the $BTC was trading at $109,542.30 and Ethereum at $2,582.37. With the new REX-Osprey SOL + Staking ETF (NYSE:SSK), Solana reached 152,540.00. All data was provided by Binance.
The deal brokered by Trump proposes tariffs of 20% on Vietnamese products and 40% on redirected goods, while U.S. exports to the Asian country will be exempt. July is believed to be a month of high volatility for BTC, impacted by tax changes, tariff deadlines, and updates to strategic Bitcoin reserves.
Despite this, uncertainty regarding U.S. trade negotiations still leaves investors cautious, causing the market's main cryptocurrency to trade with modest gains -- the increase is +3.93% on the day, while the $ETH
rose +7.28% and the $SOL +4.85%. The approval of the 'One Big Beautiful Bill' spending package in the U.S. Senate also contributed to the performance of cryptocurrencies.
The enormous deficit generated by the spending package, combined with the interest rate environment, may strengthen Bitcoin, as investors will seek portfolio protection. Thus, there are optimistic projections for even higher prices by the end of the year.
"The recent rise of Bitcoin reflects the increased appetite for risk assets in light of positive expectations regarding U.S. trade agreements. The signaling of possible concessions before the end of the tariff truce reignites market confidence, and Bitcoin — being a decentralized and global asset — tends to respond quickly to this type of macroeconomic movement. Although volatility persists, the scenario reinforces the role of cryptocurrencies as a thermometer of market sentiment," assesses Karen Maggian, Head of Marketing at Foxbit.
