Bitcoin Price Hovers at $85K as Fed’s Waller Suggests ‘Bad News’ Rate Cuts if Tariffs Resume

Bitcoin (BTC) saw a gentle uptrend on Monday as positive trade-related news boosted the broader market sentiment. The largest cryptocurrency by market capitalization was up 1.6% in the last 24 hours, trading just below $85,000. Ethereum (ETH) also recorded a 2.7% increase to reach $1,630. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies excluding stablecoins, memecoins, and exchange coins, saw a 1.2% gain, with SOL and AVAX leading the way.

In addition to the crypto market, the stock market also saw upward movement on Monday, with the Nasdaq closing with a 0.6% gain and the S&P 500 rising 0.8%. Crypto-related stocks like MicroStrategy (MSTR) and Marathon Holdings (MARA) also saw gains of around 3%.

The positive market momentum was fueled by comments from Federal Reserve Governor Christopher Waller, who suggested that the return of Trump-era tariffs could prompt significant rate cuts to counter any economic slowdown. Waller emphasized that the impact of tariffs on output and employment could warrant aggressive monetary policy action.

Further boosting market sentiment was the European Commission’s decision to delay retaliatory tariffs on U.S. goods worth €21 billion until July 14 to allow room for negotiations. This move raised hopes for a potential trade agreement between the U.S. and EU, with blockchain-based prediction market Polymarket putting the odds at 65% following reports of ongoing trade talks.

Amidst the market optimism, Bitcoin’s fundamentals are showing signs of recovery, according to analysts at SwissBlock Technologies. They noted a steady influx of new participants into the network since March, stabilizing liquidity and reducing price volatility. The analysts highlighted the importance of structural support in sustaining Bitcoin’s rally, pointing to improving network growth metrics as a positive sign for future price action.

The relief rally in Bitcoin faced resistance around the $85,000 level, but analysts remain optimistic about a potential breakout as network fundamentals continue to strengthen. With liquidity levels holding steady and network growth on the rise, the market appears to be in a favorable position for sustained price appreciation. As Bitcoin continues to consolidate above key support levels, investors are hopeful for a sustained uptrend in the coming days. Bullish Group, majority owned by Block.one, is a prominent player in the blockchain and digital asset industry. With significant holdings of digital assets, including Bitcoin, both companies have a strong presence in the market. CoinDesk, an independent subsidiary of the group, is known for its journalistic integrity and unbiased reporting.

To ensure the highest standards of journalism, CoinDesk has formed an editorial committee chaired by a former editor-in-chief of The Wall Street Journal. This committee will oversee the content published by CoinDesk and uphold the principles of accuracy, transparency, and fairness in reporting.

As part of the Bullish Group, CoinDesk operates as a leading source of news and analysis in the cryptocurrency space. The platform covers a wide range of topics including market trends, regulatory developments, and technological innovations in the blockchain industry.

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