U.S. President Donald Trump says he closed “the biggest deal ever made” after successfully negotiating a trade agreement with the European Union (EU) on Sunday. The deal will see the EU investing $600 billion in the U.S. and purchasing $750 billion in American energy. In exchange, the Trump administration will drop EU tariffs from 30% to 15%. Stocks rose on the news, and bitcoin (BTC) gradually climbed back above $118K after last week’s precipitous drop to $115K.
Trump and European Commission President Ursula von der Leyen met in Scotland at the Turnberry golf course, which is owned by the U.S. president. The pair smiled and shook hands in front of reporters, offering minimal details about the agreement. The S&P 500, Nasdaq, and Dow all climbed 0.15%, 0.39%, and 0.02%, respectively, on Monday morning. The dominant digital asset was mostly flat for the day, but it had already gained altitude over the weekend. The broader crypto market eased 0.32%, according to Coinmarketcap data.
(Hungarian Prime Minister Viktor Orbán called European Commission President Ursula von der Leyen a “featherweight” when it comes to negotiating)
Besides the tariff reduction, it’s not clear what other benefits the EU will get from the new deal. Hungarian Prime Minister Viktor Orbán went as far as ridiculing the EU president, calling her a “featherweight,” and questioning her negotiating skills.
“Donald Trump ate von der Leyen for breakfast,” Orbán said. “That’s what happened, and we suspected it would happen, because the U.S. president is a heavyweight when it comes to negotiations, while Madame president is a featherweight.”
Bitcoin was priced at $118,002.87 at the time of reporting, down 0.41% over 24 hours and also down 0.81% for the week. The cryptocurrency has been trading between $117,947.90 and $119,819.79 for the past 24 hours.
( BTC price / Trading View)
Trading volume was up 41.15% to $64.65 billion for the day, an expected post-weekend increase. Market capitalization for BTC was down 0.19% at $2.35 trillion and bitcoin dominance also dipped 0.25% to 61.16%.
( BTC dominance / Trading View)
Total bitcoin futures open interest rose 1.64% to $85.65 billion over 24 hours according to Coinglass, and bitcoin liquidations for the day came to $53.63 million. Bears were responsible for most of the liquidations, with $41.57 million in short positions wiped out, while the remaining $14.06 million in liquidations came from bullish long positions.
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