Crypto market rallies as ETH weekly gains hit 25%, ahead of Powell’s speech and EU trade optimism from Lutnick. XRP, SOL, ADA, DOGE rise too.
The cryptocurrency market is strong as we start a new week, with Ethereum (ETH) leading the rally with a further 4% gain, followed by advances in XRP, SOL, ADA, and DOGE.
Amid growing pressure on the Trump administration to leave, investors anticipate commentary on Fed rate decreases in Fed Chair Jerome Powell’s address on Tuesday.
Furthermore, U.S. Commerce Secretary Howard Lutnick expressed optimism for a trade agreement with the EU as the August 1 deadline for Trump tariffs draws near.
Crypto Market Rally: DOGE, ETH Take Lead
Bitcoin is currently trading at $118,000, while Ethereum (ETH) is up 4% to $3,800, further solidifying its position as the market leader.
The crypto market is again teetering on the brink of $4 trillion in market capitalization, as ETH extends its weekly gains to 25%.
Over $210 million of the $365 million in broader market liquidations over the past day have been in short liquidations.
With bulls’ holdings solidly over $3.5, the price of XRP is up 3.71% today, bringing weekly gains to 21%.
Dogecoin (DOGE), on the other hand, has increased its weekly gains to 35% and is currently up 10.37% at $0.279.
The DOGE futures open interest also increased 17% to $5.0 billion, according to Coinglass data, indicating that traders were quite optimistic.
Fed Chair Jerome Powell’s Speech Will Be Watched Closely
Investors in the crypto market are waiting for clues about the direction of U.S. monetary policy, and Federal Reserve Chair Jerome Powell is scheduled to speak on Tuesday.
The speech is given amid increased market attention due to recent economic reports.
There are fewer expectations for rate-cut announcements now that the US CPI data indicates sticky inflationary circumstances for June.
However, the Trump administration is increasing pressure on Jerome Powell to resign.
Despite President Trump’s insistence on a rate drop of 300 basis points, Powell has remained firm.
The Fed Chair’s tenure officially ends in May 2026, so market watchers will watch for any resignation announcements.
EU Trade Agreement On Radar
Howard Lutnick, the secretary of commerce, expressed hope on Sunday, July 20, that a trade agreement with the EU might be reached before the deadline of August 1.
The Trump administration has threatened to impose a 30% tariff on the EU after the deadline.
However, according to recent sources, President Trump might cut it from 15% to 20%.
After speaking with European trade negotiators, Lutnick said there is “plenty of room” to agree.
During an interview with “Face the Nation” on CBS, Lutnick said:
“These are the two biggest trading partners in the world, talking to each other. We’ll get a deal done. I am confident we’ll get a deal done”.
The price of Bitcoin (BTC) remains stable around $188,000 despite a rally in the larger crypto market.
According to market observers, the second half of 2025 will see a full-blown altcoin season.