bitcoin‘s Weekend Gains Erode Amid Tariff Concerns

bitcoin Experiences a Minor Setback

bitcoin‘s modest rally over the weekend faced a slight reversal on Monday, primarily influenced by renewed discussions surrounding President Trump’s tariff strategies. The leading cryptocurrency dipped below the $108,000 mark during the U.S. afternoon session, reflecting a 0.8% decline over the last 24 hours. Trading at approximately $107,700, bitcoin has effectively retraced its gains from a peak of $109,700 reached on Sunday.

Other Cryptocurrencies Follow Suit

ethereum‘s ether saw a decrease of 0.6%, while other smaller cryptocurrencies, including Solana’s SOL, dogecoin, and Sui’s SUI, experienced declines ranging from 1% to 2%. In contrast, XRP managed to stand out with an increase of over 2%.

Investor Sentiment Affected by Tariff Announcements

Investor confidence took a hit as President Trump intensified his tariff measures, even as he postponed his self-imposed trade deal deadline from July 9 to August 1. In communications from the White House to officials in Japan and South Korea, Trump announced a 25% tariff on goods from these nations, effective August 1. Additional letters shared on Truth Social indicated similar tariffs of 25% on products from Kazakhstan and Malaysia, 30% on South Africa, and 40% on Myanmar and Laos.

Potential for Further Tariff Increases

In a social media update, Trump also hinted at the possibility of imposing additional tariffs on countries that align with the policies of the BRICS nations, which include Brazil, India, China, and Russia. White House Press Secretary Karoline Leavitt stated that the government plans to communicate tariff rates or announce new trade agreements with more countries in the upcoming days.

Market Reactions and Economic Indicators

On Monday, both the Nasdaq and S&P 500 indexes fell by approximately 1%, while yields on 10-year U.S. Treasury bonds rose, approaching 4.4%.

Update on Tariff Measures

As of July 7, 18:43 UTC: Additional tariffs against Kazakhstan, Malaysia, Laos, Myanmar, and South Africa have been confirmed.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.