Crypto Market Rallies Ahead of Jerome Powell Speech And EU Trade Deal News; ETH, DOGE Lead the Gains

Crypto market shows strength heading into a new week as Ethereum price (ETH) gains another 4% leading the rally, followed by similar gains in XRP, SOL, ADA, DOGE. Investors are keen on Fed Chair Jerome Powell’s speech on Tuesday, with expectations of commentary on Fed rate cuts amid mounting pressure for resignations from the Trump administration. Furthermore, with the Trump tariff deadline of August 1 approaching, U.S. Commerce Secretary Howard Lutnick said he’s hopeful of a trade deal with the EU.

Crypto Market Rally: ETH, DOGE Lead the Pack

Ethereum (ETH) continues to extend its market dominance, gaining another 4% to $3,800, while Bitcoin rests at $118,000. With ETH extending its weekly gains to 25%, the broader crypto market is once again flirting with $4 trillion market cap. In the last 24 hours, the broader market liquidations have soared to $365 million, of which more than $210 million is in short liquidations.

XRP price is also up 3.71% today, with bulls holdings firmly above $3.5, extending weekly gains to 21%. On the other hand, Dogecoin (DOGE) is up by 10.37% at press time, trading at $0.279, extending its weekly gains to 35%. As per the Coinglass data, the DOGE futures open interest also surged 17% to $5.0 billion, suggesting strong bullish sentiment among traders.

All Eyes on Fed Chair Jerome Powell’s Speech

Federal Reserve Chair Jerome Powell is set to deliver a speech on Tuesday as crypto market investors look for signals on the future course of U.S. monetary policy. The address comes amid heightened market focus following recent economic data. With US CPI data, showing sticky inflationary conditions for the month of June, hopes of any rate cut announcements are less.

On the other hand, Jerome Powell is facing mounting pressure for resignation from the Trump administration. While President Trump has been stressing a 300 bps rate cut, Powell has refused to budge. Market observers will be watching whether the Fed Chair makes any resignation statements, while his term is set to officially end in May 2026.

EU Trade Deal on Radar

On Sunday, July 20, Commerce Secretary Howard Lutnick shared optimism of reaching a trade deal with the EU ahead of the August 1 deadline. Currently, the Trump administration has threatened a 30% tariff on the EU following the due date. However, recent reports also suggest that President Trump would consider lowering it to 15-20%.

Lutnick stated that he had just spoken with European trade negotiators and noted there is “plenty of room” to reach an agreement. In an interview with CBS’ “Face the Nation,” Lutnick remarked:

“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”.

While the broader crypto market rallied, Bitcoin (BTC) price holds firm at $188,000. Market analysts are predicting a full blows altcoin season in the second half of 2025.