Asia Morning Briefing: Trump’s EU Tariff Deal Holds Bitcoin Near $119K
Bitcoin (BTC) opened Asia trading Monday at $119,430, a 1.24% increase, extending its bullish run fueled by institutional milestones and a landmark U.S.-EU trade deal. The CoinDesk 20 (CD20) Index mirrored this positive trend, rising 2.37% to 4,099.18.
The newly announced U.S.-EU trade framework, brokered by President Trump and European Commission President von der Leyen, imposes a 15% U.S. import tariff on EU goods, averting a threatened 30% rate. The agreement includes a substantial $600 billion EU investment in U.S. energy and defense over three years, aiming to lessen Europe’s reliance on Russian energy. Steel and aluminum tariffs remain at 50% for now.
Concurrently, Bitcoin’s realized market capitalization surpassed $1 trillion for the first time, according to Glassnode. This milestone comes as BTC consolidates above $118,000, following a record high of $122,700 last week. The rally prompted significant selling by long-term holders but also attracted new buyers and capital. BTC dominance, while edging down to 60.98%, indicates a slight shift towards altcoins.
Galaxy Digital’s execution of a $9 billion BTC transaction on behalf of a Satoshi-era investor highlights the market’s liquidity. The substantial sale, involving 80,000 BTC, seemingly had minimal price impact, suggesting a significant amount of illiquid BTC held by long-term holders. Polymarket bettors now assign a 24% probability of BTC reaching $125,000 before July’s end, up from 18% earlier this week, reflecting growing market confidence.
Ether (ETH) traded at $3,867.76, up 3%, supported by strong on-chain metrics: 28% ETH staked, eight-year low exchange balances, and increasing new buyer inflows. Gold, despite a 28% year-to-date gain, fell for a fourth consecutive day, trading around $3,335, as the trade deal progress reduced safe-haven demand. Asia-Pacific markets showed mixed trading, awaiting details of U.S.-China trade talks.
Other notable crypto news includes Michael Saylor’s Bitcoin-backed money market vehicle for Wall Street via NYDIG, a drug company’s potential $700 million BNB purchase, and a fake Bitcoin ATM scam that wasted 4,000 hours of scammers’ time.
