Trump's 30% Tariff Shakes Markets: Bitcoin and Ether Dip While XRP Holds Strong

Major Cryptocurrencies React to Trump's New Tariffs

Bitcoin (BTC) and Ether (ETH) experienced moderate declines following President Donald Trump's announcement of a 30% tariff on imports from Mexico and the European Union (EU), set to take effect on August 1. Meanwhile, XRP showed resilience, trading in positive territory.

Key Developments

• Trump's Tariff Announcement: The President cited insufficient efforts by Mexico in securing the border and called the EU trade relationship "far from reciprocal" in letters posted on his Truth Social account.
• Market Reaction: BTC dipped to $117,400, down 0.6% from its session high, while ETH fell 1% to $2,930. XRP, however, gained 1.78%.
• Broader Crypto Market: SOL and DOGE dropped over 2%, and BNB slid 0.7%.

Analyst Insights

Some analysts predict continued indecisive price action over the weekend, with potential for a breakout if Asian markets drive buying momentum late Sunday.

"Expectations this weekend are we chop around in tight range today. Then Asia comes in late on Sunday evening and buys ALL the Bitcoin, and we break through $120k," noted the founders of LondonCryptoClub.