Crypto Market Strikes In Early July: Bitcoin Rises Amid US Tariff Uncertainty
JAKARTA - The crypto market started in July with a surprising price spike. Bitcoin (BTC) scored its highest price in the last three weeks by touching $109,600 on Thursday, July 3.
However, this rally took place amid various market sentiment ahead of the important time limit in US trade policy.
US President Donald Trump has confirmed he will not extend the deadline for trade negotiations on July 9, and plans to apply additional tariffs if no deal is reached.
In addition, the market surge comes as Trump also praised the new trade agreement with Vietnam which is said to open wider access for American manufacturers.
However, the statement has not eased market concerns about tensions that may escalate if another trade deal fails to be reached. This additional tariff threat also affects the crypto market.
" Geopolitical pressure related to tariffs, especially ahead of the deadline for negotiations on July 9, caused turbulence in the crypto market," Tokocrypto analyst Fyqieh Fachrur said in a statement.
But on the other hand, Fyqieh added, macro uncertainty actually triggers speculative buying, especially in altcoins, as a form of diversification and protection against economic uncertainty.
Even so, historically July is a month that tends to be positive for Bitcoin, with an average monthly rise of around 8.09%.
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In this context, the strong start of the month has the potential to pave the way for follow-up rallies, although the market is still at risk of experiencing a short-term decline before the rebound to the range of US$110,000 (Rp1.78 billion) or higher.
"Reli altcoin saat ini menunjukkan bahwa pasar mulai mencari peluang di luar dominasi Bitcoin, didorong oleh harapan terhadap pelonggaran suku bunga The Fed dan potensi arus modal institusi ke aset digital," tambah Fyqieh.
If BTC is able to penetrate resistance and maintain its momentum, the third quarter has the opportunity to become an explosive period like the previous post-halving cycle.