BTC Rebounds Above $109k as Traders Anticipate a Volatile July

TL;DR

• Bitcoin rallied to a high of $109,790 on Wednesday before retreating to the $108k region.

• The total cryptocurrency market cap increased by nearly $200 billion in the last 24 hours.

BTC tops $109k, erasing recent losses

The cryptocurrency market has been bullish over the last couple of hours, with Bitcoin, Ether, and other major cryptocurrencies in the green. Bitcoin added nearly 3% to its value in the last 24 hours to nearly reach the $110k level.

BTC is now trading at $108,900 after reaching the $109,790 level on Wednesday. A major catalyst behind this rally is President Trump announcing a trade deal with Vietnam. 

As part of the deal, the United States will impose a 20% tariff on goods from Vietnam and a 40% levy on transshipped goods—products routed through Vietnam on their way to the U.S. Furthermore, the United States exports will face no tariffs when entering the Vietnamese market.

Analysts are predicting a volatile July for Bitcoin and the broader cryptocurrency market. Vetle Lunde, head of research at K33, told CoinDesk that the volatility would likely be caused by the Trump administration's policies.

The analyst stated that,

"July is crowded with latent Trump volatility. There are few reasons to expect a massive broad deleveraging of the crypto market, as crypto-leverage remains contained," he said. "This favors maintaining spot exposure and staying patient as we progress into a period well known for its seasonal apathy."

Altcoins rally higher

While Bitcoin led the way, altcoins performed better. Ether, the leading altcoin by market cap, is up nearly 6% in the last 24 hours and briefly crossed the $2,600 mark. Dogecoin and Cardano are the best performers among the top 10 cryptocurrencies, up nearly 7% each.

Thanks to the rally, the total cryptocurrency market cap now stands at $3.36 trillion, up 3%.