Trump's tariffs swing a big knife towards copper, BTC holds at 108K, ETH quietly moves up.

U.S. President Trump ruled out the possibility of extending the August tariff deadline and threatened to impose new tariffs on copper, pharmaceuticals, and chips. U.S. stocks fluctuated on Tuesday (7/8). Bitcoin also consolidated within a narrow range yesterday, reporting at $108,919 before press time. Ether rose to $2,612, with a 24-hour increase of 2.8%. Recently, the crypto market has lacked topics, continuing to revolve around developments related to TradFi.

Tariffs are sharply cut on copper, medicine, and chips.

Trump threatens to impose new tariffs on copper, pharmaceuticals, and chips. Copper prices in New York surged 13%, reaching a historic high, with premiums over London benchmark copper prices widening to an unprecedented 25%. Trump stated that he might give drug manufacturers at least one year before imposing a 200% tariff on foreign products, leading to significant fluctuations in the pharmaceutical index.

Trump has once again shown his determination to advance plans to impose heavy taxes on imported products from foreign countries. He also told reporters that despite progress in trade agreements with the EU, the taxes and penalties imposed on American tech companies by the EU have caused dissatisfaction among the American public, which could lead him to unilaterally announce new tariff rates within the next two days.

Bret Kenwell of eToro said, "The news headlines about the trade war are heating up again, but that doesn't mean we will repeat the mistakes of late March and early April. If the market is confident that negotiations will continue or that the deadline will be extended, it may continue to shake off the impact of the headlines."

Ulrike Hoffmann-Burchardi from UBS Global Wealth Management stated, "Although tariffs may remain high compared to the beginning of the year, overall risks are also similar; however, we believe that by the end of the year, the effective tariff rate in the United States should be around 15%. This will pose a headwind to economic growth, but it is not enough to trigger a recession."

The cryptocurrency is consolidating in a narrow range, with the market focusing on topics related to TradFi.

Bitcoin also consolidated in a narrow range yesterday, reported at 108,919 USD before the press deadline. Ether rose to 2,612 USD, with a 24-hour increase of 2.8%. The crypto market has recently lacked topics and continues to revolve around developments related to TradFi.

Truth Social, associated with the Trump family, has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission to launch a crypto blue-chip ETF tracking BTC, ETH, SOL, XRP, and CRO.

Robinhood has launched blockchain-based "stock tokens" that provide equity tokens for OpenAI and SpaceX, sparking controversy and even prompting an investigation by the Lithuanian central bank.

(Robinhood RugPull? SpaceX and OpenAI equity tokens are delisted, retail investors left helpless in their zeroing out? )

This article discusses how Trump's tariffs are heavily impacting copper, BTC holds at 108K, and ETH quietly advances. It first appeared on Chain News ABMedia.