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Crypto Holds Steady as Trump Turns Up the Tariff Heat – Crypto News

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Bitcoin trades flat while Ethereum climbs and XRP dips.

Major digital assets held their ground on Tuesday, despite rising geopolitical tensions, as President Donald Trump threatened steep tariffs on nearly a dozen countries beginning next month.

The global crypto market cap fell 3% over the past 24 hours to $3.43 trillion. Bitcoin (BTC) is currently trading near $108,400, flat on the day but still up 2.3% over the past week. Ethereum (ETH) gained 1.6% in the past 24 hours and is now up over 6% in the last seven days, outperforming other top digital assets.

ETH 7-day price chart. Source: CoinGecko

XRP, on the other hand, fell 2.1% on the day, trading at $2.29, while Solana (SOL) also traded flat at $150.

Leveraged liquidations came in at $149 million on the day, with BTC accounting for $33.6 million of the total. This was followed by ETH at nearly $30 million and altcoins with close to $20 million.

U.S. spot Bitcoin exchange-traded funds (ETFs) attracted nearly $217 million inflows on July 7, the third trading day of consecutive inflows, while spot ETH ETFs recorded around $62 million inflows, according to SoSoValue data.

As of today, BlackRock, the world’s largest asset manager, holds over 700,000 BTC (worth around $75.86 billion) in its iShares Bitcoin Trust (IBIT) ETF.

Meanwhile, on-chain analytics platform Glassnode revealed earlier today that last Friday, over 80,000 BTC that were last active over 5 years ago moved on-chain. Glassnode called it “a rare event” as it currently marks the third-largest single-day revival of old BTC supply in history.

The move happened at a price of around $108,000, making the total amount of BTC worth over $8.6 billion. Glassnode’s data was evidently referring to the long-dormant BTC whale The Defiant previously reported on, which was likely not moving funds to sell, according to Arkham.

Trump’s Tariffs

The crypto market’s resistance comes as investors react to Trump’s plan to bring back high tariffs on goods from nearly a dozen countries starting August 1.

In a series of social media posts Monday, Trump said goods from countries like Japan, South Korea, Malaysia, and South Africa will face tariffs ranging from 25% to 40%. He also shared screenshots of letters warning leaders not to retaliate with their own tariffs, adding that any increase would be matched by the U.S.

“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025,” the president wrote on Truth Social earlier today.

“There has been no change to this date, and there will be no change.” Trump further emphasized that “no extensions will be granted.”

The new tariffs follow Trump’s earlier “liberation day” tariffs, which were announced in April and later paused for 90 days following market turmoil.

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