Bitcoin Sinks Below $108K, Giving Up Weekend Advances Amid Trump’s Tariff Hike

Bitcoin Slips Below $108K as Trump’s New Tariff Threats Rattle Markets

Bitcoin’s recent upward momentum faltered on Monday, as new tariff threats from former President Donald Trump injected fresh volatility into both crypto and traditional financial markets.

The leading cryptocurrency dipped below $108,000 in U.S. afternoon trading, posting a 0.8% loss over the past 24 hours. By the end of the session, BTC was hovering around $107,700, erasing gains it made over the weekend when it briefly touched $109,700 on Sunday.

Other major cryptocurrencies also saw losses. Ethereum’s ether (ETH) slipped by 0.6%, while Solana (SOL), Dogecoin (DOGE), and Sui (SUI) fell between 1% and 2%. XRP bucked the trend with a rise of over 2%.

Market sentiment turned cautious after Trump announced a new wave of tariffs and postponed the previously set July 9 deadline for a trade deal to August 1.

Letters issued from the White House revealed plans to impose 25% tariffs on goods from Japan and South Korea, effective August 1. Trump also used his Truth Social platform to announce further tariffs: 25% on imports from Kazakhstan and Malaysia, 30% on South Africa, and 40% on Myanmar and Laos.

In another post, Trump warned that countries aligning with the BRICS economic bloc—comprising Brazil, Russia, India, China, and South Africa—could face new tariffs as well.

White House Press Secretary Karoline Leavitt confirmed that additional details on tariffs or potential trade agreements will be shared in the days ahead.

Traditional markets echoed the cautious mood, with the Nasdaq and S&P 500 each falling about 1% on Monday. Meanwhile, the yield on the 10-year U.S. Treasury note edged closer to 4.4%.