Major cryptocurrencies, excluding XRP, experienced moderate losses following the announcement from President Donald Trump regarding new tariffs on imports from Mexico and the European Union (EU).
The President imposed a 30% levy on these two trading partners, set to take effect from August 1, as stated in letters Trump shared on social media.
“Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough,” Trump wrote in a letter to Mexican President Claudia Sheinbaum. In another letter to European Commission President Ursula von der Leyen, Trump criticized the EU relationship as being far from reciprocal.
Earlier this week, Trump implemented new tariffs affecting several countries, including South Korea, Japan, Canada, and Brazil, alongside a 50% tariff on copper, causing market volatility.
Bitcoin, the leading cryptocurrency by market cap, was priced around $117,400 after Trump’s announcement, reflecting a 0.6% decline from the European session high of $118,200. Prices have struggled to maintain levels above $118,000 multiple times since Friday’s early Asian trading session, according to recent data.
Ether (ETH), the second-largest cryptocurrency, reported a 1% decrease on the day at $2,930, following an ambiguous trading pattern on Friday. Solana’s SOL and DOGE both saw drops exceeding 2%, while BNB was down 0.7%. In contrast, payments-focused XRP demonstrated relative resilience with a 1.78% increase.
The weak market sentiment follows a period of intense bullish activity mid-week, where BTC surged past the long-standing resistance of $110K, encouraging renewed risk appetite in the broader crypto market. Analysts predict continued indecisiveness over the weekend.
“Expectations for this weekend suggest we may fluctuate within a tight range today. Then Asia will step in late Sunday evening and buy up all the Bitcoin, possibly breaking through $120K,” suggested the founders of the newsletter service LondonCryptoClub on social media.
Leave a Reply