Trump threatens up to 100% tariffs on Russia, markets tumble originally appeared on TheStreet.
President Donald Trump has threatened to impose “very severe tariffs” of up to 100% on Russia if there is no peace deal within 50 days.
Trump said he is “very unhappy” with Russia over the war in Ukraine.
The crypto market, which has been rallying to new heights over the last few days, immediately recoiled as the president again deployed his usual tariff rhetoric to negotiate global geopolitical tensions.
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Bitcoin, which hit an all-time high (ATH) of $123,091.61 on July 14, tumbled 1.08% in an hour to trade at $119,703.83 at press time.
Ethereum also fell to $3,009.73, declining 0.74% in an hour. XRP also dipped by 1.8% to trade at $2.92.
Both BNB and SOL fell 0.8% in an hour, trading at $691.63 and $163.62 respectively.
Dogecoin dipped to $0.1989, a decline of 0.37% in an hour.
The crypto market cap stood at $3.76 trillion at the time of writing.
When Bitcoin surpassed the $112,000 price mark on July 9, Trump hailed the crypto market for hitting “through the roof” and credited his tariff policy for the market uptick.
However, the cause and effect that Trump tried to establish between his tariff policy and the markets is far from the truth.
When the president first announced “reciprocal tariffs,” the crypto market cap declined from $2.74 trillion on Apr. 2 to $2.42 trillion on Apr. 8. When he froze tariff hikes on all except China on Apr. 9, the market began recovering and reached $2.71 trillion on Apr. 12.
The crypto market further consolidated its gains, and its market cap reached as high as $3.52 trillion on May 22.
However, Trump is often known to retreat from his rhetorical threats, and the crypto market will hope for him to do so in order to recover from the latest shock.