Cryptocurrency markets faced modest declines on Friday as President Donald Trump unveiled new tariffs targeting imports from Mexico and the European Union (EU). Among major tokens, XRP was the notable exception, maintaining gains while others slipped.
Trump announced a 30% tariff on goods from both regions, set to take effect on August 1, as detailed in letters he shared via his Truth Social platform.
“Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough,” Trump wrote to Mexican President Claudia Sheinbaum. In a separate message to European Commission President Ursula von der Leyen, he described U.S.-EU trade relations as “far from reciprocal.”
Earlier in the week, Trump had imposed additional tariffs on countries including South Korea, Japan, Canada, and Brazil, as well as a steep 50% tariff on copper, triggering volatility in metals markets.
Bitcoin (BTC), the world’s leading cryptocurrency, hovered around $117,400 following the tariff news, marking a 0.6% decline from its European session high of $118,200. Despite several attempts since early Friday in Asian trading, BTC has struggled to firmly hold above the $118,000 level, according to CoinDesk data.
Ether (ETH), the second-largest crypto asset, fell about 1% on the day (UTC) to trade near $2,930 after forming an indecisive doji candle on Friday. Solana’s SOL and Dogecoin (DOGE) each slipped more than 2%, while BNB edged lower by 0.7%. Meanwhile, XRP continued to show resilience, climbing 1.78% at the time of writing.
The market’s softer tone followed a sharp midweek rally that saw bitcoin break decisively through the long-standing resistance at $110,000, reigniting optimism across the broader crypto market. However, some analysts expect sideways trading to continue over the weekend.
“Expectations this weekend are we chop around in tight range today. Then Asia comes in late on Sunday evening and buys ALL the Bitcoin, and we break through $120k,” wrote the founders of the newsletter service LondonCryptoClub on X.
