Share this article
Bitcoin, Ether Tentative, XRP Steady as Trump Announces 30% Tariff on EU and Mexico
Major coins traded tentatively as Trump escalated trade tensions.
Updated Jul 12, 2025, 4:56 p.m. Published Jul 12, 2025, 1:40 p.m.
Make us preferred on Google
What to know:
- Major cryptocurrencies traded slightly weak as President Trump announced new tariffs on Mexico and the EU.
- Trump imposed a 30% tariff on imports from Mexico and the EU, effective Aug. 1.
- Bitcoin and Ether saw moderate declines, while XRP held on to gains.
Major cryptocurrencies, excluding XRP, registered moderate losses as President Donald Trump announced fresh tariffs on imports from Mexico and the European Union (EU).
The President slapped 30% levy on the two trading partners, which will take effect from Aug. 1, according to letters Trump posted on his Truth Social account.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough," Trump wrote in a letter to Mexican President Claudia Sheinbaum. In another letter to European Commission President Ursula von der Leyen, Trump called the relationship with the EU far from reciprocal.
Early this week, Trump issued new tariffs for several countries, including South Korea, Japan, Canada and Brazil, along with a 50% tariff on copper, triggering volatility in the market for the red metal.
Bitcoin , the leading cryptocurrency by market value, traded around $117,400 following Trump's announcement, down 0.6% from the European session high of $118,200. Prices have failed to establish a foothold above $118,000 multiple times since Friday's early Asian trading hours, CoinDesk data show.
Ether , the second-largest token, traded 1% lower on the day (UTC) at $2,930, having put in an indecisive doji candle Friday. Solana's SOL and DOGE traded over 2% lower while BNB was down 0.7%. Meanwhile, payments-focused XRP traded relatively resilient, flashing a 1.78% gain as of writing.
The weak tone followed intense bullish price action mid-week that saw BTC blow past the long-held resistance at $110K, prompting renewed risk-taking in the broader crypto market. Some analysts anticipated a continued indecisive price action 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," the founders of the newsletter service LondonCryptoClub said on X.
UPDATE (July 12, 16:56 UTC): Corrects bitcoin price in 5th paragraph.
More For You
More For You
BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
Top Stories
