Bitcoin Slips Under $108K as Trump Unveils New Tariffs, Spooking Markets
Bitcoin’s recent rally came to a halt on Monday after former President Donald Trump announced a sweeping set of new tariffs, injecting fresh uncertainty into both crypto and traditional markets.
The price of bitcoin fell below $108,000 during U.S. afternoon trading, down 0.8% over the past 24 hours. By late session, BTC was trading around $107,700, erasing its weekend gains that had briefly lifted it to nearly $109,700 on Sunday.
Ethereum’s ether (ETH) also declined by 0.6%, while altcoins such as Solana (SOL), Dogecoin (DOGE), and Sui (SUI) posted losses of between 1% and 2%. XRP bucked the trend, rising more than 2%.
The downturn followed Trump’s announcement of additional tariffs and his decision to delay the previously set July 9 deadline for finalizing a trade deal to August 1.
According to letters from the White House, the U.S. plans to impose 25% tariffs on goods from Japan and South Korea starting August 1. Posts on Trump’s Truth Social platform further revealed intentions for 25% tariffs on Kazakhstan and Malaysia, 30% on South Africa, and 40% on Myanmar and Laos.
In a separate post, Trump warned that countries aligning with the BRICS economic bloc—which includes Brazil, Russia, India, China, and South Africa—could also face new tariffs.
White House Press Secretary Karoline Leavitt confirmed additional tariff announcements or trade updates are expected in the coming days.
Traditional markets echoed the growing caution, with both the Nasdaq and S&P 500 losing about 1% on Monday. Meanwhile, the yield on 10-year U.S. Treasury bonds edged closer to 4.4%.
