Bitcoin bounced back to $89,900 after Trump signaled retreat from proposed EU tariffs, dragging major altcoins higher. ETH climbed 2% to $2,995 while SOL gained 2% to $130. XRP outperformed at $1.94, up 3%. Smaller caps led the charge, with CC jumping 15%, SKY up 11%, and SAND climbing 10%.
The move liquidated over $1B in short positions as traders repositioned. The rebound confirms how tariff uncertainty had weighed on risk assets across crypto and equities.
Beyond price action, three developments moved the needle. BitGo filed for its IPO at $18 per share, valuing the custody and infrastructure provider near $2B, bringing another crypto infrastructure play toward public markets. Vitalik Buterin proposed native Distributed Validator Technology staking on Ethereum, aiming to strengthen protocol security and decentralization through new validator configurations. On the regulatory front, the Senate Ag Committee advanced its version of the Clarity Act to markup next week despite lacking bipartisan backing, keeping stablecoin legislation in motion.
Separately, mortgage lender Newrez began exploring whether to count Bitcoin and Ethereum holdings toward mortgage qualification requirements, signaling early mainstream finance adoption of crypto collateral.