Tariffs and Tantrums: Crypto Wobbles as Trump Tweets

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Oh dear, it seems the crypto market has caught a bad case of the vapors. President Trump, that great stalwart of stability, has announced a 30% tariff on imports from Mexico and the EU, effective August 1st. One can almost hear the sound of investors rushing to clutch their pearls.

  • Bitcoin and Ether took a bit of a tumble, because who needs stability when you have tariffs, am I right? 🤪
  • XRP, on the other hand, seems to be the only adult in the room, holding steady like a sensible aunt at a family reunion.
  • The President, in his infinite wisdom, has decided to impose these tariffs because, well, reasons. One assumes it’s all part of his grand plan to Make America Great Again… at the expense of everyone else. 🙄

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In a letter to Mexican President Claudia Sheinbaum, Trump wrote, “Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough.” One wonders what exactly Mexico has done, aside from providing a convenient scapegoat for America’s problems. 🤔

Meanwhile, in a letter to European Commission President Ursula von der Leyen, Trump called the relationship with the EU “far from reciprocal.” Ah, yes, because nothing says “reciprocal” like imposing tariffs on your trading partners. 🙄

Bitcoin, that great bellwether of stability, traded around $17,400 following Trump’s announcement, down 0.6% from the European session high of $18,200. Because who needs stability when you have tariffs, am I right? 🤪

Ether (ETH), the second-largest token, traded 1% lower on the day (UTC) at $2,930, having put in an indecisive doji candle Friday. Solana’s SOL and DOGE traded over 2% lower while BNB was down 0.7%. Meanwhile, payments-focused XRP traded relatively resilient, flashing a 1.78% gain as of writing. Ah, XRP, the voice of reason in a chaotic world. 🙏

The weak tone followed intense bullish price action mid-week that saw BTC blow past the long-held resistance at $110K, prompting renewed risk-taking in the broader crypto market. Some analysts anticipated a continued indecisive price action over the weekend. Because who needs decisive action when you have tariffs, am I right? 🤪

“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,” the founders of the newsletter service LondonCryptoClub said on X. Ah, yes, because nothing says “sound investment strategy” like relying on the whims of Asian investors. 🙄

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2025-07-12 17:18