Most major cryptocurrencies slipped into moderate losses on Friday, with the notable exception of XRP, after President Donald Trump announced new tariffs on imports from Mexico and the European Union (EU).
Trump confirmed a 30% tariff on goods from both partners, set to take effect on August 1, via letters he shared on his Truth Social platform.
“Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough,” Trump wrote in his letter to Mexican President Claudia Sheinbaum. In a separate message to European Commission President Ursula von der Leyen, he described the trade relationship between the EU and the U.S. as “far from reciprocal.”
Earlier this week, Trump also imposed tariffs on several other nations, including South Korea, Japan, Canada, and Brazil, alongside a steep 50% tariff on copper, which sparked volatility in metals markets.
Bitcoin (BTC), the world’s largest cryptocurrency, was trading near $117,400 after the tariff news, down 0.6% from its European session high of $118,200. Despite multiple attempts since early Friday’s Asian trading hours, BTC has struggled to establish solid support above $118,000, according to CoinDesk data.
Ether (ETH), the second-largest crypto asset, slipped 1% on the day (UTC), changing hands at around $2,930 after printing a neutral doji candle on Friday. Solana’s SOL and Dogecoin (DOGE) were each down more than 2%, while BNB shed 0.7%. By contrast, XRP held its ground, up 1.78% at the time of writing.
The softer tone followed an energetic midweek rally that saw bitcoin smash through the longstanding resistance level at $110,000, reigniting appetite for risk in the broader crypto market. Still, some market watchers anticipate range-bound trading into the weekend.
“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,” said the founders of newsletter service LondonCryptoClub on X.
