Bitcoin dropped to $107.8K after Donald Trump’s tariff threats triggered global risk-off sentiment. Altcoins also declined.
Bitcoin Slides After Trump’s tariff remarks shake crypto markets
Bitcoin Slides 1.7% to $107,782 after U.S. President Donald Trump warned of new tariffs on key economies. Markets reacted with caution as global risk sentiment weakened. Trump mentioned sending tariff proposals before a July 9 deadline, describing them as “take it or leave it” offers.
China trade deal seen as limited progress
Trump confirmed a tentative deal with China after meetings in London. The pact allows China to resume rare earth exports, while the U.S. keeps a 55% tariff on Chinese goods. China will maintain a 10% tariff on U.S. imports. Markets, however, viewed the deal as a limited truce rather than a breakthrough.
Altcoins follow Bitcoin’s downward trend
Ethereum dropped 1.64%, trading around $2,760. XRP slid 2.45% to $2.25. Solana and Cardano fell 4.73% and 5.04% respectively. Meme tokens also slumped, with Dogecoin losing over 6% and the Trump-themed TRUMPo token down 5%.
Investors await next week’s Fed rate decision
Investors are watching for the Federal Reserve’s upcoming interest rate decision. Softer U.S. CPI data earlier this week raised hopes for a potential rate cut later this year. Until then, traders remain cautious amid trade tensions.
Tags:
Bitcoin price
Trump tariff
Crypto market
Altcoin drop
Fed rate decision
