Crypto markets jittery on Trump's tariffs; analysts see short-term impact

Bitcoin price today, Tuesday, July 8, 2025: The crypto markets were under pressure following US President Donald Trump's announcement of hefty tariffs on 14 countries including Japan, South Korea, Malaysia, Indonesia, Kazakhstan and others effective August 1. Market analysts, however, remain optimistic about the long run and expect the impact on the crypto market to be negative only in the short term.

 

Last checked, Bitcoin (BTC) was trading at around $108,016.38, lower by 1.04 per cent, with a 24-hour trading volume of $46.36 billion, according to data from CoinMarketCap. Over the past 24 hours, the flagship cryptocurrency has fluctuated in the range of $107,499.56 to $109,209.01. Its market capitalisation stood at $2.14 trillion.

 

Bitcoin faces resistance at $110,000

The Trump's tariff announcement, Vikram Subburaj, CEO, Giottus, said, will impact the crypto market negatively in the short term. "Even as Bitcoin consolidates above $107,500, a retracement to $104,000 levels may flush out the bearish sentiment and set the stage for a strong rally later this month," said Subburaj.

 

For Bitcoin, the immediate resistance to overcome to confirm the reversal, Subburaj believes, is placed at $110,000 levels.

 

Edul Patel, Co-founder and CEO of Mudrex, on the other hand, remains bullish citing technical factors. Notably, Bitcoin futures have regained strength, with aggregated open interest rising by 7 per cent over the past 30 days marking the first sustained uptick since May this year. This uptick, Patel said, reflects growing trader confidence and increased appetite for volume and leverage.

 

"With bullish sentiment intact, a move past $110,500 could trigger a breakout, while the support has moved up to $107,100," said Patel.

Ethereum, and other altcoins trade lower

The sentiment extended towards the other altcoins too. Ethereum (ETH), trading lower by 1.2 per cent at $2,544 levels. The world's second-largest cryptocurrency by market capitalisation has moved in the range of $2,517.90 - $2,586.74 in the last 24 hours.

 

Among other popular cryptocurrencies Hyperliquid (HYPE) was trading about 6.28 per cent lower, while Cardano (ADA) declined by 1.66 per cent. Solana (SOL) dropped 2.05 per cent, Binance Coin (BNB) edged lower by 0.29 per cent, and Ripple (XRP) traded flat. Meanwhile, the US dollar-pegged stablecoin Tether (USDT) remained flat at $0.99.

Top trending cryptocurrencies today

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), MOBOX (MBOX), Solana (SOL) were among the top trending cryptocurrencies on CoinMarketCap on Tuesday.