Larger Cryptocurrencies, excluding XRP, recorded moderate losses when President Donald Trump announced fresh tariffs on imports from Mexico and the European Union (EU).
The president relaxed the 30% tax on the two trading partners who will come into force from August 1, according to letters, which Trump published in his truth’s social account.
“Mexico has helped 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 the President of Europe, President Ursula von der Leyen called Trump the relationship with the EU far from mutual.
Early this week, Trump issued new tariffs for several countries, including South Korea, Japan, Canada and Brazil, along with a 50% Copper Customs that triggered volatility in the red metal market.
Bitcoin
The leading cryptocurrency with market value traded about $ 17,400 after Trump’s announcement fell 0.6% from the European session high at $ 18,200. Prices have failed to establish a foothold over $ 118,000 multi -times since Friday’s early Asian trading times, Coindesk data shows.
Ether (Eth)the second largest token, traded 1% lower on the day (UTC) to $ 2,930, after putting an indecisive doji light on Friday. Solana’s sun and DOGE traded over 2% lower, while BNB was down to 0.7%. Meanwhile, payments-focused XRP traded relatively resistant and flashed a gain of 1.78% from writing.
The weak tone followed intense bullish price action in the middle of the week, which saw BTC blowing past the prolonged resistance to $ 110,000, which led to renewed risk tag at the wider crypto market. Some analysts expected a continued indecisive price action this weekend.
“Expectations this weekend we are carved around in tight reach today. Then Asia comes late Sunday night and buys all Bitcoin, and we break through $ 120,000,” said the founders of the newsletter Service Londoncryptoclub on X.
