Bitcoin BTC rebounded to just under $110,000 on Monday after a turbulent weekend sell-off triggered by U.S. President Donald Trump’s abrupt tariff threats on the European Union (EU).
After the tariff announcement, a temporary easing in trade tensions contributed to a recovery in digital assets. Trump extended the deadline for the proposed 50% tariffs on European imports to July 9, with U.S. and European index futures moving higher ahead of the weekly open.
Cardano’s ADA and Dogecoin rose as much as 3% in the past 24 hours, leading gains among the top ten tokens. The bounce reflects broader relief across global risk assets: U.S. and European equity futures gained over 1%, the dollar weakened to multi-month lows, and demand for safe havens like gold and Treasuries dipped slightly.
Over the weekend, bitcoin had plunged from above $111,000 to as low as $108,600 in response to Trump’s threats of steep levies on EU goods and Apple iPhones manufactured abroad.
The resulting risk-off sentiment erased over $500 million in long liquidations across the crypto market, with futures tied to bitcoin, ether ETH, Cardano’s ADA, Solana’s SOL, and Dogecoin {[DOGE}} all taking heavy losses.
But the tone shifted early Monday. “On one hand, this past weekend’s dip showed us how quickly crypto can fall from macro shocks,” said Jeff Mei, COO at BTSE, said in a Telegram message.
“On the other, the speedy extension of tariff deadlines reinforces the belief that the worst is over. Traders are cautiously accumulating again,” Mei added.
Options flows suggest that optimism is creeping back in. In a broadcast message on Saturday, Singapore-based QCP Capital noted a renewed demand for topside exposure, with 1,000 contracts of the September 130K BTC call being swept up.
The firm pointed to a “constructive medium-term setup,” citing persistent ETF inflows, regulatory progress in the U.S., and continued institutional demand, including Strategy’s $2.1 billion raise for additional bitcoin purchases.
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