Tariffs and Tribulations: Bitcoin’s Descent into Madness
Ah, the eternal dance of fate and fortune. One day, Bitcoin soars on the wings of hope; the next, it plummets into the depths of despair. And so, dear reader, we find ourselves once again in the midst of a most thrilling tale of tariffs and tribulations.
- Bitcoin, that most mercurial of cryptocurrencies, saw its weekend rally cruelly reversed on Monday, slipping to a paltry $107,700 during the U.S. session. ETH and SOL, those erstwhile companions in the world of cryptocurrency, also headed lower, while XRP, that plucky underdog, outperformed with a gain of over 2% 🤔.
- President Trump, that great and powerful leader, set 25% tariffs against Japan and South Korea, while delaying the due date for trade deals overall from July 9 to August 1. Ah, but what’s a mere delay when the fate of nations hangs in the balance? 🕰️
- The president also threatened additional tariffs on countries aligning with BRICS policies. One can almost hear the sound of trembling knees and quaking boots as the world trembles before the mighty Trump 🤣.
And so, dear reader, we find ourselves in a world gone mad. Bitcoin, once the darling of the cryptocurrency world, now teeters on the brink of collapse. The Nasdaq and S&P 500 indexes, those bastions of stability, were lower by about 1% on Monday, while yields on 10-year U.S. Treasury bonds headed higher, nearing 4.4% 📉.
Ethereum‘s ether, that most noble of cryptocurrencies, was 0.6% lower, while smaller cryptos, including Solana’s SOL, dogecoin, and Sui’s SUI, declined 1%-2%. Ah, but what’s a mere decline when the world is on the brink of chaos? 😱
In a press conference, White House Press Secretary Karoline Leavitt said the government will send out letters to more countries about tariff rates or announce trade deals in the coming days. One can only imagine the thrill of anticipation as the world waits with bated breath for the next installment of this thrilling saga 📨.
UPDATE (July 7, 18:43 UTC): Adds tariffs against Kazakhstan, Malaysia, Laos, Myanmar, and South Africa. Because, why not? 🤷♂️
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2025-07-07 22:11