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Home Crypto News

After Trump tariff letter drops, $120B vanishes from crypto markets

Markets reel after Trump administration targets 14 nations with aggressive tariffs, triggering fears of prolonged economic instability.

by Mark Frost
2 months ago
in Crypto News
Reading Time: 2 mins read
0
After Trump tariff letter drops, $120B vanishes from crypto markets

After Trump tariff letter drops, $120B vanishes from crypto markets

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The cryptocurrency market nosedived 4.5% in 24 hours following the release of President Donald Trump’s tariff letters to 14 nations, with Bitcoin miner stocks and major indices like the S&P 500 also posting steep losses.

The letters, imposing duties of 25% to 40%, have amplified fears of a global trade war, compounding existing pressures from delayed Federal Reserve rate cuts.

“This is a classic risk-off moment,” said Mark Connors, research head at 3iQ. “The Trump tariff letter signals escalating protectionism, and crypto—often a liquidity proxy—is getting hit first.”

How the Trump tariff letter rattled global markets

1. Crypto bears take control as Bitcoin slips below $108K

The total crypto market cap shed $120 billion after the Trump tariff letter was disclosed, with Bitcoin (BTC) dropping 1.56% to $107,688 and Ethereum (ETH) falling 1.89%. Dogecoin (DOGE) led losses among majors, crashing 4.78%.

After Trump tariff letter drops, $120B vanishes from crypto markets
After Trump tariff letter drops, $120B vanishes from crypto markets. Credit: Crypto India (X)

Publicly traded crypto firms mirrored the slump:

  • MicroStrategy (MSTR): -2%

  • Robinhood (HOOD): -1%

  • Bitcoin miners (e.g., Marathon Digital): -5% to -8%

“Tariffs disrupt supply chains and inflation expectations, which directly impact risk assets like crypto,” — Lyn Alden, macroeconomist.

2. Stocks sink as Treasury yields spike

The Dow Jones plunged 422 points, while the 10-year Treasury yield surged to 4.4%, reflecting dwindling hopes for Fed relief. The CME FedWatch Tool now prices just a 61.9% chance of a September rate cut, down from 90% two weeks ago.

“Deficit spending is driving yields, not tariffs alone. But the Trump tariff letter is the trigger for this sell-off,”, according to The Kobeissi Letter.

3. Experts warn of prolonged volatility

Economists criticized the Trump tariff letter as economically misguided. Peter Schiff noted Japan and South Korea’s sub-2% tariffs on U.S. goods, arguing deficits stem from consumer preferences, not trade policy.

With tariffs taking effect August 1, analysts foresee further declines:

  • Crypto liquidations could accelerate if BTC breaks $105K support.

  • Fed inaction may extend stock market losses.

“Markets are pricing in stagflation—slow growth plus inflation. The Trump tariff letter exacerbates both,” — Raoul Pal, Real Vision CEO.

Tags: Bitcoin pricecrypto market crashcryptocurrency volatilityfederal reserve rate cutsstock market newstrade war impacttrump tariff letter
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Mark Frost

Mark Frost

Sunderland-born crypto enthusiast, cycling fanatic, and wordsmith. As co-founder and lead editor of The Bit Gazette, Mark combines his passion for blockchain with a knack for breaking down complex stories into engaging content. When he's not tracking the latest crypto trends, you'll find him on two wheels—exploring backroads or clocking miles on his favorite cycling routes. Dedicated to delivering sharp, insightful journalism in the fast-moving world of digital assets. New

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