Dogecoin (DOGE) surged over 6% in the past 24 hours to lead gains among major cryptocurrencies, as bitcoin (BTC) bounced toward the $110,000 mark on renewed rate-cut hopes and easing fears around looming U.S. tariffs.
The rally came after U.S. officials clarified that President Trump’s long-anticipated tariff hikes would not go into effect immediately, giving countries more time to negotiate.
The initial July 9 deadline sparked concerns over a sharp deterioration in global trade, but Treasury Secretary Scott Bessent said on Sunday that nations without a deal would likely receive a three-week extension to reach agreements before the new levies take effect on August 1.
“Markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect,” said Jeff Mei, COO at BTSE, in a Telegram message. “If we see a soft CPI print on Tuesday, that could open the door for a Fed rate cut later this year.”
The clarification helped stabilize risk sentiment heading into a crucial week. Traders are now watching Wednesday’s U.S. inflation data for signals that could support a dovish pivot from the Federal Reserve.
A lower-than-expected CPI print could boost the case for a rate cut as early as September, helping crypto and risk assets extend their rebound.
Bitcoin gained 1.1% over 24 hours to trade above $109,000, while ether (ETH) added 2.5% to reach $2,570. Other majors, including Solana’s SOL (SOL), XRP (XRP), Cardano’ ADA (ADA), and Tron’s TRX (TRX) posted 2%-4% gains, supported by strong inflows and improving sentiment.
“The BTC bounce and ETH inflows show traders are rotating into long-term value assets,” said Eugene Cheung, Chief Commercial Officer at OSL, said in a Telegram message. “We expect more investors to seek shelter in crypto as macro volatility builds.”
“We’re optimistic that more investors will look to Bitcoin and Ethereum to escape macro volatility and potential inflation increases as the Fed signals high potential to cut interest rates this year,” Cheung added.
Dogecoin’s outperformance marks a sharp return of retail enthusiasm, with trading volumes crossing $1.5 billion in the past 24 hours (relatively high for a weekend after an otherwise flat week), as known-backer Elon Musk unveiled plans for an “America Party.”
Read more: Elon Musk Says America Party Will Embrace BTC as ‘Fiat Is Hopeless’