Bitcoin Surges Toward $110K Amid Trade News and Solana ETF Boost

Bitcoin is currently experiencing a significant upswing and is approaching the $110,000 mark for the first time in almost a month. After a brief period of weakness the previous day, which pushed the price below $106,000, the cryptocurrency is showing a significant recovery. Within the last 24 hours, Bitcoin gained around 3.5% and recently traded at its highest level since June 11th.

What drives the Bitcoin price?

Several factors are currently creating a positive mood in the crypto market. Of particular note is the announcement of a new trade agreement between the US and Vietnam by former President Trump.

This agreement provides, among other things, for US tariffs of 20% on goods from Vietnam and 40% on products diverted through Vietnam. In return, US exports to Vietnam will be treated duty-free. This news boosted not only traditional exchanges but also the crypto market.

Solana ETF provides additional momentum

Another driving force is the successful market launch of the first Solana staking ETF in the US: The REX-Osprey Solana + Staking ETF (SSK) achieved a volume of $20 million on its first day of trading – a strong performance that, according to analysts, places it among the top 1% of all new ETF launches.

By comparison, the Solana Futures ETF (SOLZ), launched in March, only achieved $1 million in trading volume on its first day. This strong interest in the staking ETF is further fueling the general crypto sentiment.

July promises high volatility

Market observers expect increased volatility for Bitcoin in July. This could be triggered by political decisions by the US government, such as the planned budget bill, which media reports are expected to be signed by Friday.

Deadlines for new import tariffs and the potential adjustment of government Bitcoin reserves could also trigger strong price movements. Experts believe that July could provide decisive impetus for the future development of the Bitcoin price – in both directions.

Conclusion: Exciting month for crypto investors

Bitcoin is currently showing impressive strength and approaching its next psychological milestone. Political developments and new financial products like the Solana staking ETF could make for a particularly turbulent July. If you’re active in the crypto market, you should keep a close eye on the coming weeks – things are likely to remain exciting.

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(Featured image by Sajad Nori via Unsplash)

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