Bitcoin Recovers $109K After Weekend Loss as Trump Announces New August Tariff Schedule

Bitcoin recovered above $109,000 in early Monday trade, shrugging off the weekend low as volatility was alleviated by the clarity that emerged around the new tariff schedule announced by the Trump administration.

According to information from CryptoTelegraphs, Bitcoin (BTC) has risen 1.16% in the past 24 hours, trading at $109,362 after recovering from a dip that saw the lead cryptocurrency drop close to $108,000 for most of the weekend. On Sunday, BTC also established a new all-time weekly closing high at $109,443, as per Yahoo Finance numbers.

The source of Monday's rally seems to be the confirmation made by U.S. Treasury Secretary Scott Bessent that tariffs—originally unveiled in April—will now be imposed beginning August 1 on nations without formal trade agreements with the U.S. He added that unless trade negotiations break down prior to that date, tariffs would return to April's higher levels.

U.S. President Donald Trump had previously suspended tariff implementation by 90 days, a moratorium that runs out this Wednesday, July 9.

"Traders were earlier concerned with market volatility before the July 9 tariff deadline," BTSE Chief Operating Officer Jeff Mei stated. "Now, with additional time for negotiation, markets are responding positively."

Mei also pointed out that the next U.S. Consumer Price Index (CPI) report, out July 15, will be instrumental in deciding whether inflation has slowed sufficiently to warrant a Federal Reserve interest rate reduction. A rate cut could push Bitcoin to retesting or breaking its all-time high of $111,814.

"If Bitcoin surpasses that high, we may experience a new price discovery phase," said Nick Ruck, Research Director at LVRG. "This could also propel certain altcoins higher as DeFi protocols and AI-powered crypto companies continue to attract institutional investment."

Wider Crypto Market Rallies

Some of the top altcoins also rallied over the last 24 hours:

Ether (ETH) increased by 2.41% to $2,577

XRP increased by 2.29%, to $2.27

Solana (SOL) increased by 2.96% to trade at $152

The GMCI 30 Index, which monitors the leading 30 cryptocurrencies, rose 2.2%, indicating widespread optimism in the cryptocurrency market.

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