Bitcoin rose above $109,600 on Monday, rising 1.4% after US President Donald Trump unexpectedly extended a deadline to impose steep tariffs on EU goods, easing market concerns and supporting risk assets.
The surge followed Trump’s decision late Sunday to push back the potential introduction of 50% tariffs on EU imports to July 9.
Last month, Trump announced an initial 20% tariff on EU goods, but soon revised it to 10% with a grace period until early July. The shifting timeline reflects the administration’s unpredictable trade strategy, which has continued to rattle global markets.
The delay followed a productive call with European Commission President Ursula von der Leyen, who sought additional time to secure a favorable agreement. This de-escalation reduced fears of an imminent trade war, which had previously weighed on global markets.
Spot Bitcoin ETFs saw net weekly inflows of $2.75b between May 19 and May 23, according to data provider SoSoValue. Ethereum ETFs posted $248m in inflows during the same period, with no outflows across the board.
The move in Bitcoin is also tied to broader structural demand. Last week, the asset briefly touched a record high of $111,814, buoyed by continued inflows from exchange-traded funds and corporate investors.