The crypto market has taken a major hit on the heels of US President Donald Trump brandishing higher tariffs on countries. However, Trump disclosed conditions to lower tariffs as the August 1 deadline inches ever closer.
BTC, ETH, XRP, SOL Fall Amid Broad Crypto Crash
CoinMarketCap data reveals that cryptocurrency prices are on a downward spiral over the last day, shedding nearly $40 billion from the global market capitalization. Among the top ten largest cryptocurrencies, Dogecoin is the hardest hit, losing 6.61% of its value to trade at $0.24, followed by XRP with a near 6% loss.
Solana currently trades at $190, falling by 4.75% over the last day, while Cardano is nursing a decline of 5.38% to trade at $0.8. While Ethereum has recorded a 2.08% loss in 24 hours, Bitcoin is holding its own with only a 0.55%, trading above the $118,000 mark.
A glance at the chart reveals that HBAR, LINK, XLM, and SHIB have tumbled by 6.22%, 5.25%, 5.19%, and 6% respectively. Despite the decline of the broader crypto market, BNB is going against the grain to set a new all-time high of $809. BNB coin price hit $800 amid heightened accumulation by institutions as experts turn their gaze to $1,200.
At press time, the global cryptocurrency market capitalization is pegged at $3.87 trillion while daily trading volumes sit at $195 billion, a 12% decline over the last day.
Trump Tariff Threat Behind Price Slump
The broad crypto market decline comes amid Trump’s threat to increase tariffs on countries that refuse to “open their markets.” The US president disclosed via a Truth Social post that he will impose higher tariffs on nations that fail to remove trade barriers, impeding US companies from selling their goods.
However, Trump’s post revealed conditions for lower tariffs with the US President adopting the carrot-and-stick approach to diplomacy. Per the post, Trump will lower tariffs for countries that open their markets to the US, citing a new trade deal with Japan.
“I will only lower tariffs if a country agrees to open its market,” said Trump. “If not, much higher tariffs.”
Previously, Trump issued trade letters to several countries, threatening tariffs as high as 30% starting on August 1. Treasury Secretary Scott Bessent has tagged August 1 as a “hard deadline,” adding in a Fox interview that the US has raked in nearly $100 billion since Trump tariffs kicked in.
In early July, Trump dismissed tariff deadline possibilities, sending the crypto market crashing amid whispers of extension discussions with China. Despite claims of zero inflation from Trump tariffs, June’s CPI inflation data came in slightly hotter at 2.7%.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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