The cryptocurrency market experienced a broad-based rally on Sunday, fueled by a potent combination of positive macroeconomic signals and promising developments on the U.S. regulatory front. Bitcoin (BTC) led the charge, surging past the $109,000 mark as traders reacted to comments from U.S. Treasury Secretary Scott Bessent hinting at imminent trade deals. According to market data, BTC/USDT rose approximately 0.84% in the last 24 hours, hitting a high of $109,600 before settling around $109,144. The positive sentiment cascaded into altcoins, with Ethereum (ETH) climbing 1.95% to trade near $2,567, after reaching a 24-hour peak of $2,603.59. Other major assets also saw significant gains; XRP jumped over 2.8%, touching a high of $2.28, while Solana (SOL) gained 2.7% to trade above $151. Even meme coins like Dogecoin (DOGE) caught the bid, rising over 3% and demonstrating the risk-on appetite permeating the market.

Tariff Relief Hopes Boost Risk Assets, Including Bitcoin

The primary catalyst for the weekend rally was an interview in which Treasury Secretary Scott Bessent suggested that several international trade deals were close to being finalized. According to a Reuters report on his CNN appearance, Bessent indicated that the White House is prepared to let a temporary pause on higher tariffs expire, pushing trading partners to conclude negotiations before the July 9 deadline. He warned that if deals are not reached, the higher tariff levels announced on April 2 would be reinstated on August 1. This development is a significant reversal from the market panic seen in early April when the initial tariff announcement sent both stocks and crypto tumbling, with Bitcoin briefly falling to $75,000. The subsequent 90-day pause helped stabilize markets, and this new sign of progress toward resolution is being interpreted as a major de-risking event. For traders, this reduces global economic uncertainty, which typically benefits risk assets like cryptocurrencies and growth stocks. The rally in BTC above $100,000 alongside record highs in the S&P 500 and Nasdaq underscores a renewed belief in U.S. economic strength, a theme that often spills over into digital assets as an alternative store of value and speculative investment.

U.S. Regulatory Clarity Sees New September Deadline

Adding to the bullish sentiment was significant news from Washington D.C., where a clearer timeline for comprehensive crypto legislation is emerging. U.S. Senator Tim Scott, the influential chairman of the Senate Banking Committee, stated that a market structure bill for digital assets will be completed by September 30. This announcement, made to White House crypto adviser Bo Hines, sets a more aggressive timeline than the end-of-year target previously mentioned by other lawmakers like Senator Cynthia Lummis. This accelerated schedule is a direct response to pressure from the White House to establish clear rules for the industry. For traders and institutional investors, regulatory uncertainty has been a major headwind. A firm deadline for a market structure bill, alongside the Senate's recent passage of the GENIUS Act for stablecoins, provides a tangible roadmap toward a regulated U.S. crypto market. This clarity is crucial for long-term investment and could unlock significant institutional capital flows into assets like BTC and ETH.

Legislative Hurdles and Cross-Chamber Dynamics

Despite the optimism, the path to legislation is not without its challenges. Senator Scott's ambitious September 30 timeline requires cooperation from the House of Representatives and other Senate committees. Representative French Hill, who leads the House Financial Services Committee, has been more cautious, suggesting that differences between the Senate's GENIUS Act and the House's own stablecoin bill need to be reconciled. This could prolong the process. Furthermore, Senator Lummis acknowledged that the Senate Agriculture Committee, which has jurisdiction over parts of the crypto market, has not treated the legislation with the same urgency. These inter-committee and cross-chamber negotiations will be critical for traders to monitor. Any delays could introduce short-term volatility, while progress could serve as a powerful bullish catalyst. The market's positive reaction suggests that, for now, investors are pricing in the optimistic timeline, viewing the commitment from key figures like Senator Scott as a strong signal that the U.S. is moving decisively to legitimize and integrate the crypto economy.