Bitcoin skyrockets to $109K amid tariff deadline extension
Bitcoin shot above $109,000 on Monday, closing at a weekly high after the US Treasury extended a key tariff deadline from July 9 to August 1.
The move calmed worries about trade trouble and gave crypto markets a boost—Ethereum and XRP also climbed.
Total market capitalization jumps by over $50 billion
Crypto's total market value jumped by over $50 billion in just one day. The tariff extension and buzz around Washington's upcoming "Crypto Week" have brought fresh energy to investors.
Big players are back too, helping to steady prices.
Analysts say risks aren't gone yet
Analysts say things look stable for now, but risks aren't gone if talks break down by August 1.
Bitcoin is hovering near important resistance and support levels.
Plus, inflation data and possible Fed rate cuts in July could shake things up again, since many see Bitcoin as a hedge when the economy feels shaky.