Major alternative coins fell after U.S. President Donald Trump reignited trade tensions by threatening to impose tariffs again, while the controversial "Big, Beautiful Bill" cleared its last hurdle in Congress on Thursday - much to the chagrin of Tesla CEO Elon Musk.
The $XRP currency declined.
down by 2.8% over the past 24 hours, with $SOL decreasing.
down by 2.6% and $ADA
down by 4%. The fan-favorite #DOGECOİN also fell by 4% and #Hyperliquid by 4.7%.
President Donald Trump indicated the possibility of issuing new tariff notifications on Friday, aiming to increase leverage ahead of scheduled trade negotiations on July 9, adding: "This move signals a potential new round of escalation in U.S. global trade policy. Markets are concerned about further deterioration in global trade and its impact on economic forecasts." Trump told reporters that "10 or 12" letters are scheduled to be issued on Friday to notify countries of tariffs ranging from 10% to 20% or 60% to 70%. The president said more letters are expected to be issued "in the coming days."
This move comes before the expiration of the 90-day U.S. freeze on #الرسوم_الجمركية on Wednesday, July 9. These tariffs were originally announced during Liberation Day in April, which saw Ethereum drop by 6.5% and Dogecoin by 9.8% the following day.
Since then, tensions in the trade war have eased thanks to the deals made with China and the United Kingdom, which pushed the markets up.
However, concerns about tariffs reignited as the 90-day freeze approached. In contrast, alternative coins like Jupiter fell by 6.3% during the day, Worldcoin by 6.2%, Algorand by 5.8%, while the bold meme coin Peepee dropped by 6.3%.
Trump's "Big, Beautiful Bill"
Meanwhile, Trump's "Big, Beautiful Bill" cleared its last hurdle in Congress on Thursday.
Tesla CEO and former Trump ally described the bill as "a disgusting, vile act" in June. He then launched a public attack on social media, claiming Trump's name appeared in files related to Jeffrey Epstein, a convicted child sex offender. Trump later claimed that Musk turned on him only after the world's richest man discovered that the "Big, Beautiful Bill" would cut a mandate related to electric vehicles - the core of Musk's business at Tesla.
Arthur Hayes predicted that the bill could lead Bitcoin to test the $90,000 level this year, despite previously forecasting that the leading cryptocurrency would reach $250,000 this year. Hayes argued that the Treasury would refill its general account, which could potentially drain liquidity from assets like Bitcoin.
However, Bitcoin has seen sideways trading since the bill was passed, and alternative coins have been the most affected.