Trump Tariffs Shock Global Markets
U.S. President Donald Trump’s latest tariff announcement has injected fresh volatility into global financial markets, including cryptocurrencies. On July 12, Trump revealed that a 30% tariff will be imposed on imports from the European Union and Mexico, effective August 1. This move escalates already-tense trade relations and has impacted investor sentiment across traditional and digital assets.
In official statements, Trump criticized the EU for what he termed a “non-reciprocal” relationship and expressed dissatisfaction with Mexico’s border cooperation efforts. The policy shift is expected to ripple across global markets in the coming weeks.
Bitcoin Price Reaction: Sideways Movement Below Key Levels
Bitcoin (BTC) struggled to hold momentum, falling 0.6% from an earlier session high of $118,200 to trade around $117,279. Despite hitting a fresh all-time high earlier this week, BTC has failed to maintain levels above the crucial $118,000 mark during Friday’s trading.
Market participants now anticipate range-bound movement over the weekend, especially as uncertainty looms over macroeconomic policies and geopolitical developments.
Ethereum Slips Below $3,000 After Indecision
Ether (ETH), the second-largest cryptocurrency, also showed weakness, dropping 1% to around $2,930. The price action followed a doji candle on Friday, often a sign of indecision in the market. This suggests that ETH bulls may be pausing after recent gains that took the token above $3,000 earlier this week.
Altcoins Retreat, But XRP Remains Resilient
While leading altcoins such as Solana (SOL) and Dogecoin (DOGE) slipped over 2%, and BNB dropped 0.7%, XRP continued to hold steady, showing a 1.78% gain at press time.
XRP’s resilience is being attributed to technical strength and recent bullish volume on Korean exchanges, signaling that investor confidence in the token remains intact even amid broader market hesitation.
What to Expect Over the Weekend
Traders are bracing for low volatility and sideways action through the weekend, with many expecting Asia-based markets to set the next direction late Sunday or early Monday.
Key support levels to watch include $116,500 for Bitcoin and $2,880 for Ether, while XRP may target a retest of the $3 psychological level if momentum continues.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.