The cryptocurrency market is undergoing changes against the backdrop of significant tariff news and other economic factors. This article reviews three key points affecting the current situation.
Role of Tariffs in Cryptocurrencies
Tariffs have a significant impact on the cryptocurrency market. The uncertainties surrounding the new tax rates make it difficult to predict the Federal Reserve's inflation outlook. President Trump announced a 25% tax for South Korea and Japan, mentioning plans to send tariff letters to 12 more countries. White House spokesperson Leavitt clarified that Trump intends to sign an executive order extending the tariff deadline to August 1st, adding further tension to the market.
Situation with XRP and SOL Coin
The review process for Fidelity's SOL Coin ETF application is delayed, while XRP Coin is valued at $2.3. Ripple’s CEO is set to testify before the Senate on Wednesday, emphasizing the necessity of legislation regulating the cryptocurrency market. He expressed gratitude towards senators for their initiative in promoting constructive crypto legislation to protect consumers and foster innovation.
Conclusion and Market Expectations
The market remains uncertain due to new economic initiatives and traders' expectations regarding changes in tariffs and cryptocurrency regulations. Recent news indicates significant government decisions impacting investor sentiment and market participants.
The cryptocurrency market is in a state of anticipation for drastic changes due to new tariffs and legislation. Investors are closely monitoring the situation to adapt to potential outcomes.
