Cryptocurrencies rise as trade tension risks ease

Cryptocurrencies rose during Monday’s trading, as investors turned to riskier assets amid easing trade tensions between the United States and Europe.

Bitcoin increased by 1.9% to $109,762.12 at 12:06 p.m. Mecca time, nearing its all-time high recorded last week.

Meanwhile, Ethereum rose by 1.95% to $2,572.61, Ripple gained 1.55% to $2.3452, Dogecoin climbed 3.45% to 22.73 cents, and the “Trump” coin rose 2.75% to $12.87.

Bitcoin prices had fallen at the end of last week from record levels above $111,000 due to escalating trade tensions following President Donald Trump’s recommendation to impose a 50% tariff on the European Union at the beginning of June.

However, after Trump announced yesterday the extension of the deadline to apply the 50% tariff on the EU until July 9 instead of early June, demand for risk assets surged