The cryptocurrency market faced a sharp decline of 4.5% in the last 24 hours after President Trump announced new tariffs on several countries. This downturn also affected crypto stocks and publicly listed Bitcoin miners. On July 7, Trump sent tariff letters to 14 nations, imposing rates between 25% and 40%, starting with South Korea and Japan. He later extended similar notices to 12 other countries, citing concerns over trade deficits. Economist Peter Schiff criticized the tariffs, arguing they do not address the underlying trade issues. Despite this, the crypto market suffered, with Bitcoin dropping to $107,688 and Ethereum falling to $2,535. Additionally, stocks related to crypto, like MicroStrategy and Robinhood, also saw declines. The broader US stock market was impacted, with the Dow Jones, S&P 500, and NASDAQ all reporting losses. As the new tariffs are set to take effect on August 1, further market declines are anticipated, compounded by reduced expectations for Fed rate cuts. Read more AI-generated news on: https://app.chaingpt.org/news

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