By Samannay Biswas
Bitcoin surged past the $109,000 mark early Monday, marking a 1.16 per cent gain in the past 24 hours and hitting a new record weekly close of $109,443, according to data from Yahoo Finance and The Block. The rally comes amid a fresh announcement from the US Treasury, pushing back a key tariff deadline that had markets on edge. US Treasury Secretary Scott Bessent confirmed on July 6 that tariffs initially scheduled for April will now be enforced from August 1, allowing countries more time to finalise trade deals with the United States. The announcement was viewed as a de-escalatory move, easing fears of immediate trade disruptions, and buoying investor sentiment across equities and crypto alike. 鈥淏itcoin is likely to set a new all-time high this week or next,鈥 said Markus Thielen, head of research at 10x Research. 鈥淢arkets have largely shrugged off tariff-related risks.鈥 Altcoins Rally As Well The surge in Bitcoin was mirrored by other major cryptocurrencies: Ethereum (ETH) jumped 2.41 per cent to $2,577 XRP rose 2.29 per cent to $2.27 Solana (SOL) climbed 2.96 per cent to $152 Even meme tokens like FLOKI, Bonk, and SPX6900 posted double-digit gains, suggesting a broader risk-on mood returning to crypto markets. According to CoinGecko, crypto鈥檚 total market capitalisation jumped over $50 billion in the past 24 hours, as investors welcomed both tariff reprieve and the upcoming 鈥淐rypto Week鈥 in Washington DC, scheduled to start July 10. Tariffs Delayed, Markets Rally The 90-day pause in reciprocal US tariffs, which was to expire on July 9, has been extended by nearly a month. The delay is significant for crypto, as previous tariff announcements have been closely tied to spikes in Bitcoin price volatility. Notably, Bitcoin surged $200 in 2019 in response to a Trump tweet announcing tariffs on China. 鈥淚t looks like markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect,鈥 said Jeff Mei, COO at BTSE exchange. 鈥淚f the US postpones tariffs again, markets might interpret this as a reluctance to implement them, and it will support risk appetite,鈥 analysts at UBS Global Wealth Management said in a note to clients. New Highs on the Horizon? Bitcoin鈥檚 Monday trading brought it within 2 per cent of its previous all-time high from May 22, briefly topping $109,500. The momentum, analysts say, is reinforced by strong technical indicators and potential macro catalysts. 鈥淏itcoin looks to be setting up for an upside breakout,鈥 noted John Bollinger, inventor of the Bollinger Bands. Meanwhile, Elon Musk mentioned Bitcoin on X (formerly Twitter), further fuelling speculation of renewed institutional interest. 鈥淎ny downside volatility this week could be a good buying opportunity,鈥 said Henrik Andersson, CIO at Apollo Capital. 鈥淓specially ahead of 鈥楥rypto Week鈥, which could see positive policy developments.鈥 Rate Cuts Could Steal the Spotlight While the tariff delay buoyed sentiment, analysts caution that the bigger catalyst could come on July 15, when US CPI data is released. Lower inflation could pave the way for Federal Reserve interest rate cuts, which historically boost risk assets like Bitcoin. Interest rates fundamentally shape crypto liquidity. Lower rates boost prices as investors shift to higher-risk assets, said analysts from CoinDCX Research Team. On-Chain Developments & Volatility Ahead Chainlink co-founder Sergey Nazarov revealed plans to integrate Mastercard鈥檚 3 billion users into the decentralised finance (DeFi) ecosystem via TradeFi鈥揇eFi bridging, a move analysts say could open floodgates to mainstream adoption. Meanwhile, token unlocks worth over $138 million are expected this week, including $50.44 million in Aptos, potentially injecting further volatility into the market. Beyond price gains, institutional infrastructure continues to deepen. With Ethereum-based tokenised assets under management (AUM) hitting a record $5 billion, the blockchain is rapidly becoming the financial engine of Web3. 鈥淲e expect Bitcoin may enter a new price discovery zone once it surpasses its all-time high,鈥 said Eugene Cheung, CCO of digital assets platform OSL. 鈥淚nvestors are looking at Bitcoin and Ethereum as hedges against inflation and macro uncertainty.鈥 Bitcoin鈥檚 breakout above $109,000 underscores its growing role as both a speculative asset and a macro hedge. With the tariff deadline extended, rate cuts in view, and Crypto Week about to begin in Washington, the digital asset market may be on the cusp of a new bullish chapter. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Companies, Business Economy and around the world.