- Bitcoin slid 10.64% weekly after Trump’s tariff hike and China’s 84% response.
- Ethereum recorded a sharp 21.31% drop over 7 days amid global market stress.
- XRP and BNB faced declines of 14.65% and 6.71% as trade tensions escalated.
Early last week, Donald Trump, the current president, announced retaliatory tariffs on various countries around the globe. Following this, the trade conflict between the United States and China has reached a critical point, with tariffs surging rapidly. The tariffs put pressure on the crypto market and stocks, with Bitcoin hitting the $75K range.
China’s Response Grows Sharper After Trumps Tariffs
US President Donald Trump announced a 10% tariff on Chinese imports. Later on, the figure had jumped to 104%. Beijing responded with an 84% tariff on US goods, intensifying the standoff. Despite the current tariff levels, American entrepreneurs urged Trump to raise the percentage higher as noted by RedWave post on X.
China’s commerce ministry vowed to resist what it called Washington’s wrong path. Spokesperson Lin Jian confirmed the country would not retreat. Economic experts noted that China’s leadership could not afford to appear weak. A 34% reciprocal tariff was already enforced before additional measures were announced.
The US depends heavily on Chinese consumer products like smartphones and electronics. Analysts predicted iPhone prices could spike from $799 to $1,142. Meanwhile, China imports industrial goods from the US, which affects consumers less directly. With stock and crypto markets sliding, experts observed that tensions had reached unprecedented levels between the two global powers.
Crypto Prices Today Reaction Revealed
Tracking the current market performance, CoinMarketCap data indicates that Bitcoin traded at $77,711.02 with a 0.85% rise in one hour and 0.34% in 24 hours. Over the last 7 days, Bitcoin dropped 10.64%, with its market cap reaching $1.54 trillion and volume at $62.08 billion.
Ethereum followed with a price of $1,496.75, recording a 1.09% increase in one hour and 0.16% in 24 hours. The seven-day chart for Ethereum showed a 21.31% loss with a $180.62 billion market cap and $30.34 billion volume. Tether remained stable at around $0.9992 with minimal changes of 0.01% in one hour and 0.04% in 24 hours. Tether’s weekly movement dropped 0.07% while maintaining the highest 24-hour volume at $104.42 billion.
XRP was trading at $1.84, and its hourly change was +1.31%, while the daily change was -1.03% and the weekly change was -14.65%. Its market capitalization was at $ 107.75 billion, equally having a daily turnover of $ 7.30 billion. At the time, BNB was valued at $565.55 and went up by 0.96% within an hour and 1.77% within 24 hours. On the weekly chart, BNB was down 6.71%, with a volume of $1.77 billion and a market capitalization of $80.57 billion.
