Bitcoin, never one to stay quiet for long, is staging a dramatic comeback this week, lunging toward $110,000 after briefly flirting with a breakdown below $106,000 on Tuesday. As of Wednesday afternoon, it’s trading at its highest levels since June 11 — around $109,500 — up a tidy 3.5% in just 24 hours. In crypto time, that’s about a decade of movement.
Driving the rebound? A mix of geopolitical theatrics and product launches Wall Street didn’t know it wanted. Former President Trump, in his usual subtle fashion, announced a new trade deal with Vietnam — one that slaps 20% tariffs on Vietnamese exports and an eyebrow-raising 40% on transshipped goods. Meanwhile, U.S. exports to Vietnam? Zero tariffs. Risk assets everywhere, including Bitcoin, took that as their cue to throw a mini party. The Nasdaq rose 0.8% and investors collectively decided they were bullish again.
But the crypto crowd also had something more tailored to celebrate. The REX-Osprey Solana + Staking ETF (ticker: SSK) launched in the U.S., marking the debut of the first ETF that lets investors indirectly stake Solana — because nothing says “innovation” like putting crypto yield inside a retirement vehicle. With $20 million in day-one volume, Bloomberg’s Eric Balchunas called it top 1% for new launches. That’s right — staking, but make it institutional.
Yet July isn’t all fun and altcoins. According to K33’s Vetle Lunde, it could be a rollercoaster of “latent Trump volatility” — a phrase that sounds like both a macroeconomic forecast and a medical diagnosis. Trump is expected to sign a hefty $3.3 trillion expansionary budget, affectionately dubbed the “Big Beautiful Bill.” For Bitcoin, which tends to enjoy watching fiat wobble, that’s potentially bullish.
Add in a July 9 tariff deadline and a looming July 22 decision on the long-delayed crypto executive order — which may or may not include details on a U.S. Strategic Bitcoin Reserve — and you’ve got a month packed with market-moving potential.
Still, Lunde doesn’t foresee a meltdown. Crypto leverage remains, as he puts it, “contained,” and the market isn’t exactly frothy. Translation: people aren’t borrowing their house to buy dog coins… yet. Until then, holding your spot BTC and pretending not to check it every hour might be the sanest strategy.
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