- Bitcoin drops $860 post-tariff announcement affecting crypto markets.
- 25% tariffs on imports impact global trade relations.
- Bitcoin futures stable, marking growing trader confidence.
Bitcoin and other cryptocurrencies experienced volatility following President Trump’s 25% tariffs on imports from several countries, reflecting global market uncertainty.
President Trump announced new tariffs escalating up to 40% on imports from Japan, South Korea, and others, effective August 1. His trade policy history shows assertive measures that affect global markets.
The cryptocurrency market saw immediate declines: Bitcoin (BTC) fell nearly 0.79%, and Ethereum (ETH) slipped over 2%. The U.S. dollar rose as investors sought safer havens.
“Bitcoin futures have regained strength, with aggregated open interest rising by 7 percent over the past 30 days marking the first sustained uptick since May this year. This uptick…reflects growing trader confidence and increased appetite for volume and leverage.” — Edul Patel, Co-founder and CEO, Mudrex
The tariffs triggered a risk-off sentiment, with equities and digital assets like BTC falling. Despite this, crypto traders see a 7% rise in futures open interest, indicating growing confidence.
While current tariffs cause concern, futures open interest signals potential positive shifts. Historical precedents suggest short-term market impacts, but longer trends may favor crypto stability.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |