Major cryptocurrencies, except XRP, have registered moderate losses as President Donald Trump announced new tariffs on imports from Mexico and the European Union.
According to a letter Trump posted to his truth social account, the president slapped two trading partners with a 30% collection.
“Mexico has helped me secure the border, but what Mexico has done isn’t enough,” Trump wrote to Mexican President Claudia Sinbaum. In another letter to the European Commission’s President Ursula von der Leyen, Trump called for ties with the EU far from each other.
Earlier this week, Trump issued new tariffs on several countries, including South Korea, Japan, Canada and Brazil, with 50% tariffs on copper, causing volatility in the red metal market.
Bitcoin
the major cryptocurrencies by market value traded at around $17,400 following Trump’s announcement, down 0.6% from the European session’s highest of $18,200. Prices failed to establish a large number above $118,000 since early Asian trading hours on Friday.
Ether (ETH), the second largest token, fell 1% in the day (UTC) as it entered the indecisive Doji Candle on Friday. Solana’s Sol and Doge traded over 2%, while BNB fell 0.7%. Meanwhile, XRP, which focuses on payments, is relatively resilient, flashing an increase of 1.78% at the time of writing.
The weak tone was blown away by BTC past a long resistance at $110K, following a strong bullish price action mid-week, and an updated risk take on the broader crypto market. Some analysts had anticipated a continuous indecisive price action over the weekend.
“The expectations for this weekend are to sculpt in tight ranges today. Asia will then come on Sunday evening to buy all the bitcoin and surpass $120,000,” the founder of the newsletter service told X.