Bitcoin Dips Under $108K, Weekend Rally Lost Amid Trump’s Tariff Escalation

Bitcoin Drops Below $108K as Trump’s New Tariff Moves Shake Markets

Bitcoin’s weekend momentum vanished on Monday after former President Trump announced a sweeping set of new tariffs, adding fresh turbulence to both crypto and traditional financial markets.

The largest cryptocurrency slipped under $108,000 in U.S. afternoon trading, down roughly 0.8% in the past 24 hours. By late session, BTC hovered near $107,700, erasing its earlier gains from the weekend, which had briefly pushed prices to about $109,700 on Sunday.

Other cryptocurrencies also edged lower. Ether (ETH) fell 0.6%, while Solana (SOL), Dogecoin (DOGE), and Sui (SUI) each dropped between 1% and 2%. XRP was a rare bright spot, gaining more than 2%.

The renewed market caution followed Trump’s announcement of new tariffs, alongside the postponement of his earlier July 9 deadline for finalizing a trade deal to August 1.

Trump revealed in letters sent from the White House that the U.S. would impose 25% tariffs on products from Japan and South Korea starting August 1. Additional posts on his Truth Social platform signaled further levies: 25% on goods from Kazakhstan and Malaysia, 30% on South Africa, and 40% on Myanmar and Laos.

In a separate social media post, Trump also warned of potential tariffs on nations aligning themselves with the BRICS bloc—a group comprising Brazil, Russia, India, China, and South Africa.

White House Press Secretary Karoline Leavitt confirmed that more tariff announcements or potential trade agreements would be released in the coming days.

Traditional markets mirrored the nervous sentiment. Both the Nasdaq and S&P 500 closed roughly 1% lower on Monday, while yields on 10-year U.S. Treasury notes climbed closer to 4.4%.