Bitcoin, XRP, and Other Cryptos Rise. How Trump's U.S.-EU Trade Deal Is Giving Them a Boost. — Barrons.com

By Elsa Ohlen and Adam Clark

Bitcoin and other cryptocurrencies were in the green to start the week as a U.S.-European Union trade deal settled nerves around global economic uncertainty.

The price of Bitcoin rose 0.6% over the past 24 hours to $118,823, according to CoinDesk data.

Ether rose 1.5% while XRP gained 1.4%. Solana was up 3.8%. S&P 500 and Nasdaq futures were up about 0.2% and 0.1%, respectively.

Bitcoin was climbing over the weekend, boosted by traders' increased risk appetite following the U.S.-EU trade deal, announced by President Donald Trump Sunday. He said the U.S. would set a baseline 15% tariff on European goods.

The world's largest crypto hit a record high of nearly $123,000 earlier this month. Cryptos have gained momentum after new legislation was passed that aims to give the sector more regulatory clarity in the U.S. The Genius Act to regulate so-called stablecoins — assets pegged to a fiat currency — was recently signed into law.

The House of Representatives also passed the Clarity Act, which would address the confusion about what asset class cryptos belong to — something analysts say will increase institutional investment in many tokens. The bill is now with the Senate, which is likely to debate it when lawmakers return from summer recess.

Crypto-related companies were also gaining. MicroStrategy, the largest corporate holder of Bitcoin, was up 2.7% in premarket trading at $416.70. Analysts at Cantor raised their price target on the stock to $680 from $614 in a research note on Monday, estimating the company will be able to spend $20 billion a year on Bitcoin purchases.

Coinbase Global, the cryptocurrency exchange, was gaining 1% in premarket trading while trading platform Robinhood Markets was up 2.3%.

Write to Elsa Ohlen at elsa.ohlen@barrons.com and Adam Clark at adam.clark@barrons.com

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