Asia Morning Briefing: Trump’s E.U. Tariff Deal Holds Bitcoin Near $119K
Bitcoin (BTC) opened strong in Asian markets on Monday, trading at $119,430, a 1.24% increase. This bullish momentum follows several significant institutional milestones and a landmark trade agreement between the U.S. and the European Union. The CoinDesk 20 (CD20) Index also saw a boost, rising 2.37% to 4,099.18.
The newly announced U.S.-EU trade framework, agreed upon by President Trump and European Commission President von der Leyen, involves a 15% U.S. import tariff on EU goods, avoiding a previously threatened 30% rate. The deal includes a substantial $600 billion EU investment in U.S. energy and defense over three years, aiming to lessen Europe’s dependence on Russian energy. Tariffs on steel and aluminum remain at 50%.
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 spurred significant selling by long-term holders, but also attracted new buyers and capital. BTC dominance has slightly decreased to 60.98%, indicating some shift towards altcoins.
A major event was Galaxy Digital’s execution of a $9 billion BTC transaction on behalf of a Satoshi-era investor – one of history’s largest single bitcoin transfers. This massive sale, reportedly part of estate planning, had minimal impact on price, highlighting BTC’s illiquidity due to long-term holding.
Polymarket bettors now assign a 24% probability to BTC reaching $125,000 by the end of July, up from 18% earlier. This reflects trader optimism considering macroeconomic factors and on-chain activity.
Other market movements include Ether (ETH) trading at $3,867.76 (up 3%), fueled by strong on-chain metrics. Gold is down for a fourth consecutive day, trading around $3,335, as trade deal progress reduces safe-haven demand. Asia-Pacific markets showed mixed performance, awaiting details on U.S.-China trade discussions. News also includes Michael Saylor’s plans for a Bitcoin-backed money market vehicle and a pharmaceutical company’s substantial BNB purchase. Finally, a report highlights a Bitcoin ATM scam that wasted thousands of scammer hours.
