Following President Trump’s tariff letters imposing tariffs between 25% and 40% on 14 countries, the cryptocurrency market witnessed a 4.5% decline. Bitcoin (BTC) fell below 108,000 USD, trading at 107,688 USD, while Ethereum (ETH) dropped to 2,535 USD.
The announcement led to significant losses in the U.S. Stock market, with indices like the Dow Jones and S&P 500 showing notable declines. The uncertainty surrounding tariffs and an expected lack of rate cuts from the Federal Reserve only worsens market sentiment.
As the tariffs take effect on August 1, further declines in both cryptocurrency and stock markets are anticipated. Market predictions are declining, with Fed rate cut probabilities shifting from 90% to 61.9% for September.
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