BTC, ETH, XRP Price News: Market Unstable as Trump Announces Tariffs

• cryptocurrencies reacted negatively after Trump announced new tariffs
• Bitcoin and Ether saw slight declines, while XRP gained
• tariffs imposed on Mexico and EU will take effect from August 1

Crypto Market Reacts to New Tariffs from Trump

Cryptocurrency traders are feeling a bit on edge as the market reacts to President Trump’s latest trade announcement. Major coins faced some turbulence after Trump slapped a hefty 30% tariff on imports coming from Mexico and the European Union. This news has led to Bitcoin and Ether taking a bit of a step back, treading cautiously in the turbulent waters of economic policy.

Bitcoin and Ether Struggle Amid Trade Tensions

Bitcoin saw some moderate declines per recent reports, and Ethereum (ETH) didn’t fare much better, dipping at around 1% to $2,930 on the day. Meanwhile, XRP was the outlier, showing a bit of resilience with a 1.78% gain. Other cryptocurrencies like Solana’s SOL and DOGE dropped more than 2%, alongside a smaller decline from BNB at 0.7%. The landscape of digital currencies is definitely shadowed by the new tariffs that the President announced on his Truth Social account, shared through letters directed at foreign leaders like Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen.

Future Predictions Amid Market Uncertainty

Still, the crypto market isn’t in complete disarray. Earlier in the week, Bitcoin had managed an impressive upturn, breaking through a long-standing resistance at $110K, which stirred a wave of optimism among traders. However, just as quickly as that enthusiasm surged, analysts are forecasting some indecisive action over the weekend, with predictions that trading could chop around in a tight range for now. As the clock ticks towards Sunday evening, some are hoping a wave of fresh buying in Asia could lift Bitcoin past the $120k mark, spurring renewed interest in the broader crypto marketplace, according to the LondonCryptoClub newsletter.

In sum, the recent trade announcements by Donald Trump have cast a shadow over the cryptocurrency market, causing price fluctuations especially for Bitcoin and Ether. Despite these challenges, XRP has managed to rise, showcasing a unique resilience amidst market turbulence. As traders look ahead, the hope is that the weekend might bring some stability and potential gains, particularly for Bitcoin.