Bitcoin News Today: U.S.-EU Trade Deal Cuts Tariffs to 15% as Markets Surge; Bitcoin Hits $120K

The U.S. and European Union announced a landmark trade agreement at Donald Trump’s golf resort in Scotland, reducing tariffs on EU goods to 15%—half the initially threatened rate—after months of escalating tensions. The deal, brokered during a one-hour meeting between Trump and EU President Ursula von der Leyen, was hailed as a "biggest deal ever" by Trump and a "huge deal" by von der Leyen, signaling a pivotal de-escalation in transatlantic trade disputes [1]. The agreement, covering nearly a third of global trade, aims to stabilize economic uncertainty by curbing threats of a full-scale tariff war.

Markets reacted swiftly to the news, with the S&P 500 surging past 6,400, Dow Jones futures rising 180 points, and the Nasdaq 100 gaining 0.4%. In the cryptocurrency sector, Bitcoin (BTC) broke the $120,000 threshold for the first time in nearly two weeks, peaking before settling at $119,551.88. Ethereum (ETH) climbed over 3.5% in 24 hours to $3,930, while Binance Coin (BNB) saw a 7% surge, per CoinMarketCap data [1]. The Crypto Fear and Greed Index rose to 67, reflecting a return to "greed" territory after lingering uncertainty.

However, the optimism was not universal. Over 94,542 traders were liquidated in 24 hours, totaling $255.81 million in losses, as per CoinGlass. Analysts noted the contrast with July 7, when Bitcoin fell below $108,000 after Trump imposed 25% tariffs on imports from Japan and South Korea. This time, the EU-focused deal was viewed as a stabilizing move rather than a disruptive shock, potentially fostering more sustained growth [1].

Thomas J. Lee, CIO at Fundstrat Capital, highlighted the removal of a "negative tail risk" event, which benefits equities and crypto markets [1]. The softer stance toward Europe contrasts with earlier aggressive tariff policies, suggesting a recalibration in Trump’s trade strategy. While the agreement’s long-term stability remains to be seen, its immediate impact underscores the interconnectedness of global trade and financial markets.

Source: [1] [Bitcoin breaks $120K after Trump’s ‘biggest deal ever!’] [https://ambcrypto.com/bitcoin-breaks-120k-after-trumps-biggest-deal-ever/]