President Donald Trump’s latest tariff move is shaking up the Bitcoin and broader crypto market. After announcing a 30% tariff on goods from the European Union (EU) and Mexico, Bitcoin’s price took a sharp hit, falling below $118,000. The sudden drop came just after Bitcoin hit a new all-time high . This shows how quickly markets can react to global politics and trade news. It also raises worries that a new trade war could affect global markets and investor confidence. Crypto Market Turns Bearish After Trump’s Tariff News Goes Public Many posts on Truth Social say President Trump has sent official letters to the EU and Mexico. In the letters, he announced a new 30% tariff on goods coming into the U.S. from both regions. The tariffs will start on August 1 and are part of a larger trade plan already affecting other U.S. trading partners. The news quickly shook the crypto market. Before the announcement, Bitcoin had reached a new high of $118,200. However, soon after, the price dropped sharply. At the time of writing, Bitcoin is trading at $117,457, down by 0.40% in the last 24 hours, according to CoinMarketCap data. Analysts who were initially confident about a strong rise now think the top coin could keep falling as the market reacts. U.S Tariff Moves Continue to Pressure Bitcoin This is not the first time the crypto market has responded to Trump’s trade decisions. On July 7, he imposed 25% tariffs on imports from South Korea and Japan. He also sent tariff letters to 12 additional countries, each with different rates. That same day, Bitcoin fell below $108,000 before quickly rising again. By July 10, the digital coin had recovered and hit a new record above $112,000. The upward trend continued for a few more days, reaching $118,800 before dropping again due to the latest tariff news. Tariff Fears Could Trigger Broader Trade War While Bitcoin has shown resilience in recent weeks, Trump’s aggressive trade stance is creating uncertainty. The president warned that if other countries respond by raising tariffs on American goods, the U.S. will retaliate. Also, if the affected countries retaliate with their tariff hikes, the U.S. will respond with further measures. This growing tension raises concerns about a possible trade war, which could have far-reaching effects on both traditional and digital markets. Some investors are still confident in Bitcoin’s potential as a safe haven during global uncertainty. However, others worry that an economic slowdown and risk-off sentiment could push crypto prices down in the short term. The post Trump’s 30% Tariffs on EU and Mexico Shake Bitcoin’s Bull Run appeared first on TheCoinrise.com .
