President Trump’s Tariff Letters Trigger 4.5% Dip in Crypto Market, Stocks Follow Suit

The cryptocurrency market experienced a significant downturn, declining by 4.5% in the past 24 hours, following President Donald Trump’s announcement of new tariffs targeting several countries. 

Concurrently, the crypto stocks and stocks of publicly listed Bitcoin miners have also suffered notable losses.

On July 7, President Trump sent tariff letters to 14 countries, imposing rates ranging from 25% to 40%. South Korea and Japan were the first to receive new letters. Shortly after, he sent nearly identical notices to 12 other countries. 

These included Tunisia, Kazakhstan, Serbia, Bosnia, Myanmar, Laos, Bangladesh, Malaysia, Cambodia, Thailand, Indonesia, and South Africa.