XRP News Today: Bitcoin Drops 0.2% Amid Trump Tariff Concerns

Bitcoin's price remained relatively stable today, hovering around $109,112.7, as traders braced for the rollout of U.S. President Donald Trump’s trade tariffs in the coming days. The world’s largest crypto fell 0.2% by 01:15 ET (05:15 GMT) after rising as high as $110,500 in overnight trade. Bitcoin’s initial gains were driven by optimism over more trade progress between the U.S. and China, which also helped the crypto break out of a $103,000 to $108,000 trading range seen over the past month. However, this optimism waned amid persistent concerns over high U.S. tariffs and no near-term interest rate cuts. Markets were also on edge following the passage of Trump’s "big beautiful bill," which is forecast to increase government debt in the coming years.

Bitcoin came off its Thursday highs after Trump said he will begin sending letters to major economies outlining his trade tariffs by as soon as Friday. Trump said about 10-12 countries will receive the letters on Friday, with his tariffs to range from 10% to 20% and 60% to 70%. The tariffs will take effect from August 1, the president said. Trump’s comments ramped up concerns over the economic impact of his planned tariffs, which stand to greatly disrupt global trade. Uncertainty over Trump’s tariffs was also cited as a major motivator by the Federal Reserve to keep interest rates steady, with Chair Jerome Powell warning on the potentially inflationary impacts of the duties. Stronger-than-expected nonfarm payrolls data released on Thursday saw markets sharply pare bets that the Fed will cut interest rates by as soon as July, while markets also trimmed expectations of easing in September. Higher-for-longer interest rates tend to pressure crypto assets, given that they limit the liquidity available to be deployed into the sector.

Broader crypto prices retreated on Friday, with the announcement of a U.S. “Crypto Week” garnering little immediate traction. Members of the House of Representatives said on Thursday that the week of July 14 will be “Crypto Week,” where the legislative body will seek to move forward at least three crypto regulatory acts. The recently-approved GENIUS Act, which outlines a regulatory framework for stablecoins, will be considered for a final vote in the House, while the CLARITY Act and the Anti-CBDC Surveillance State Act will also be considered by lawmakers. However, this sparked little immediate enthusiasm among crypto prices. World no.2 crypto Ether fell 0.5% to $2,576.27, while XRP fell 1.2% to $2.2430. XRP took little support from reports that issuer Ripple was seeking a U.S. banking license. Solana and Cardano fell between 1.7% and 2%. Among meme tokens, Dogecoin shed 2.5%, while $TRUMP fell 1.6%.

Despite the positive momentum within the cryptocurrency community, the broader economic landscape has tempered enthusiasm, resulting in a steady price point for Bitcoin. Investors are closely monitoring these economic indicators, as they could significantly impact the cryptocurrency market in the coming days. The interplay between global economic policies and the cryptocurrency market continues to be a critical factor influencing Bitcoin's price movements. Bitcoin was up 1.6% for the week, its second straight week of gains. However, the stability in Bitcoin's price can be attributed to investors' cautious approach amidst the prevailing economic jitters. The tariff concerns and potential changes in interest rates have created a sense of unease, leading to a more conservative investment strategy.