Dogecoin Leads Crypto Gains as Tariff Delay and Rate Cut Hopes Boost Market

Dogecoin (DOGE) surged over 6% in the past 24 hours to $0.1738, leading gains among major cryptocurrencies as Bitcoin (BTC) rebounded above $109,000 on optimism over delayed U.S. tariffs and renewed rate-cut hopes. The rally followed clarification from U.S. officials that President Trump’s proposed tariff hikes will not take immediate effect, allowing a three-week extension until August 1 for negotiations. The original July 9 deadline had stoked fears of a global trade disruption.

Treasury Secretary Scott Bessent's comments reassured markets, improving risk sentiment ahead of critical U.S. inflation data due Wednesday. A softer-than-expected Consumer Price Index (CPI) print could pave the way for a Federal Reserve rate cut as early as September, potentially strengthening bullish momentum in crypto and other risk assets.

Bitcoin rose 1.1% in the past 24 hours to $109,141.93, while Ethereum (ETH) climbed 2.5% to $2,575.42. Other major altcoins also rallied: Solana (SOL) reached $151.87, XRP traded at $2.2650, Cardano (ADA) hit $0.5865, and Tron (TRX) rose to $0.2883—each gaining between 2% and 4%.

Market participants pointed to increased inflows into BTC and ETH as signs of investors rotating into long-term value plays amid macroeconomic uncertainty. OSL’s Chief Commercial Officer Eugene Cheung noted that rising volatility could drive more investors toward crypto as a hedge against inflation and monetary policy shifts.

Dogecoin’s breakout was driven by retail enthusiasm and high weekend trading volume surpassing $1.5 billion, coinciding with Elon Musk’s announcement of his political initiative, the “America Party,” which added fuel to DOGE’s rise.

Crypto markets now await U.S. CPI data for the next catalyst.