Crypto Market Dips After Trump’s BRICS Tariff Threat – Crypto News – Crypto News
Connect with us
Crypto Market Dips After Trump’s BRICS Tariff Threat Crypto Market Dips After Trump’s BRICS Tariff Threat

De-fi

Crypto Market Dips After Trump’s BRICS Tariff Threat – Crypto News

Published

15 hours ago

on

Most large-cap crypto assets are down slightly, with the exception of XRP.

The total cryptocurrency market cap dropped 3.5% to $3.4 trillion on Monday, starting the week in red as United States President Donald Trump renewed geopolitical tensions ahead of his Wednesday tariff deadline.

Both Bitcoin (BTC) and Ethereum (ETH) are down about 0.6% on the day and are currently trading at $108,000 and $2,540, respectively. Meanwhile, Solana (SOL) held steady at $151, while XRP bucked the trend, growing 3% to $2.34, according to CoinGecko data. Last week, Ripple Labs — the original core contributor to XRP — revealed that is has applied for a national bank charter in the U.S., which could be behind the asset’s rally.

SOL 24-hour price chart. Source: CoinGecko

Leveraged liquidations totaled $177 million over the past 24 hours, according to CoinGlass. ETH accounted for the largest share with $60 million, followed by BTC at nearly $34 million. Altcoins saw around $16 million in liquidations.

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $602 million inflows on July 3 – the highest daily inflows since May 22. Meanwhile, spot ETH ETFs attracted around $149 million inflows on Thursday, the highest since June 11, according to SoSoValue data.

The crypto market’s losses follow a Truth Social post from President Trump on Sunday night, doubling down on threats to impose new tariffs on countries siding with BRICS, further shaking up investor sentiment. BRICS refers to an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. BRICS leaders kicked off a summit in Brazil on Sunday.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” the president said on Truth Social. “There will be no exceptions to this policy. Thank you for your attention to this matter!”

Tariff Deadline

The warning comes just two days ahead of the Trump administration’s tariff deadline on Wednesday, which is when steep U.S. tariffs are set to come back into effect. The deadline was set earlier this year following an announcement of sweeping U.S. tariffs on several nations.

Over the weekend, Trump said that his administration would begin sending letters to foreign governments as early as Monday, outlining tariff rates they’ll face if no agreement is reached by July 9, per the Associated Press.

While Trump said that the U.S. wouldn’t start collecting the tariffs until August 1, Treasury Secretary Scott Bessent said that it’s not a firm deadline, adding to market uncertainty.

The news also follows two major developments from last week. First, President Trump announced a new trade deal with Vietnam that includes a 20% tariff on Vietnamese goods, plus a 40% “transshipping” tariff. In addition, Trump’s controversial One Big Beautiful Bill Act (OBBA) was approved by both the Senate and the House – the bill is set to add $3.3 trillion to the country’s debt.

Related Topics:
Continue Reading

Trending