Bitcoin Nears $120K After Trump’s Tariff Deal Sparks Crypto Optimism

Quick Take:

• Bitcoin jumped close to $120K after Trump’s announcement, just 5% below its ATH
• Analysts see this as part of a larger shift, not just a short-term bounce
• Upcoming events like the Fed meeting and Trump’s August 1 deadline may bring more volatility

Big moves are shaking the crypto world again, and this time it’s not just crypto news driving the action. U.S. President Donald Trump has confirmed a major trade deal with the European Union, and it’s got everyone from stock traders to crypto investors feeling a fresh wave of optimism.

Trump’s new deal lowers tariffs on EU goods from a previously threatened 30% to 15%. That may sound like boring political talk, but here’s why it matters to crypto: when global uncertainty goes down, investor confidence goes up. And when investors feel more confident, assets like Bitcoin and Ethereum often surge.

That’s exactly what’s happening now.

Right after Trump’s announcement, it shot up and came within a hair of $120,000, just 5% below its all-time high, and is holding around $118K at the time of writing.

Alongside Bitcoin, Ethereum also climbed nearly 4% to $3,932, getting closer to breaking the $4K mark after the news, and is now trading around $3,800, while BNB rose more than 6%.

According to analysts, this isn’t just a short-term bounce. July has been full of milestones that signal real growth and adoption in the crypto space. The GENIUS Act passed earlier this month, giving the industry clearer rules and support. The entire crypto market now boasts a whopping $4 trillion in value, and banks are rushing to meet the growing demand for crypto services.

Jeff Mei, COO at crypto exchange BTSE, called this more than a rally—he sees it as a structural shift in how both investors and institutions view crypto. More public companies are raising capital specifically to buy digital assets. Banks are preparing crypto offerings. And the crowd of skeptics is shrinking fast.

Still, it’s not all calm skies ahead. With earnings reports, inflation data, and Trump’s next tariff deadline (August 1) on the calendar, the week could still be volatile. And let’s not forget the upcoming Federal Reserve meeting; if there’s even a hint of early interest rate cuts, it could spark another leg up for both crypto and traditional markets.

But for now, Bitcoin is on the move, Ethereum is charging ahead, and the entire Web3 space is buzzing again.