Overview

Recent fluctuations in major cryptocurrencies come as President Trump announced a 30% tariff on imports from Mexico and the European Union (EU), effective August 1.

Key Points

• Major cryptocurrencies, excluding XRP, saw moderate declines following this announcement.
• Trump stated, “Mexico has been helping me secure the border. BUT, what Mexico has done is not enough,” in a message to Mexican President Claudia Sheinbaum.
  Translation: México ha estado ayudando a asegurar la frontera. PERO, lo que ha hecho México no es suficiente.
• In a similar correspondence with EU Commission President Ursula von der Leyen, he noted the relationship as lacking reciprocity.
• The announcement has stirred concerns in the markets, as recent bullish trends in Bitcoin and Ether waned.

Market Impact

Bitcoin (BTC) was observed around $17,400, down 0.6%, while Ether (ETH) fell by 1% to $2,930. Meanwhile, XRP showed relative strength with a slight gain.

Analysts expect continuing volatility in the market as traders react to new economic policies.