Bitcoin had a wild ride, hitting a dizzying peak of $111,814 on May 22 before tumbling down to around $107,500. Still, it’s flexing a solid 15% gain over the past month. Meanwhile, Bitcoin derivatives are turning up the heat, with market activity heating up nicely.
According to Coinglass, the 24-hour open interest nudged up by 2.59% to a whopping $76.66 billion, and trading volume jumped 10.85% to $89.91 billion. When derivatives volume and open interest climb, it usually means traders are gearing up, sniffing out volatility, or hoping for a price rally.
Trump’s Tariff Timeout Boosts Market Mood and Bitcoin’s Bounce
What gave Bitcoin this pep? Well, U.S. President Donald Trump played a part by announcing on May 25 that he agreed to push back the June 1 deadline for slapping 50% tariffs on EU goods. Ursula von der Leyen, the European Commission President, asked for more time, and Trump graciously said, “Sure thing!” The new deadline? July 9, 2025.
Trump’s exact words on Truth Social:
“I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union. I agreed to the extension — July 9, 2025 — It was my privilege to do so.”
This came after a mini market meltdown when Trump threatened those hefty tariffs on May 23 if talks failed. The backtrack gave markets a breather, and boy, did they cheer! U.S. futures jumped: S&P 500 up 0.9%, Dow up 0.8%, and Nasdaq-100 up 1%. Gold, the usual safe haven, took a tiny dip of 0.3% to $3,346.59 an ounce — apparently, traders are feeling a bit daring and shifting gears toward riskier assets like Bitcoin.
So, while Trump’s trade drama isn’t over yet, the market’s mood is a little sunnier for now. Both crypto buffs and Wall Street watchers will be glued to the new July 9 deadline, hoping the trade talks keep the good vibes going.
Andrew Madison
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
