Bitcoin Slips Below $108K as Trump Unleashes New Tariffs on Global Partners

Bitcoin’s modest weekend rally faded on Monday as President Trump’s aggressive tariff measures once again took center stage, rattling both crypto and traditional markets.

The leading cryptocurrency dropped below $108,000 during U.S. afternoon trading, marking a 0.8% decline over the past 24 hours. By late session, BTC was trading near $107,700, fully reversing its earlier weekend rise to around $109,700 on Sunday.

Ethereum’s ether (ETH) also slipped 0.6%, while altcoins like Solana (SOL), Dogecoin (DOGE), and Sui (SUI) saw losses between 1% and 2%. Bucking the trend, XRP stood out with gains exceeding 2%.

Investor sentiment took a hit as President Trump announced a fresh wave of tariffs while postponing his previously set July 9 trade deal deadline to August 1.

In letters sent from the White House to officials in Japan and South Korea, Trump imposed 25% tariffs on products from both nations, effective August 1. Additional posts on Truth Social revealed further planned tariffs: 25% on goods from Kazakhstan and Malaysia, 30% on South Africa, and 40% on Myanmar and Laos.

In a social media post on Monday, Trump also threatened extra tariffs on countries aligning themselves with the BRICS bloc—a group that includes Brazil, Russia, India, China, and South Africa.

During a press briefing, White House Press Secretary Karoline Leavitt confirmed that the administration would issue more letters outlining tariff rates or announce new trade agreements in the coming days.

Traditional markets reflected the growing unease, with both the Nasdaq and S&P 500 falling about 1% on Monday. Meanwhile, yields on 10-year U.S. Treasury bonds rose, approaching 4.4%.