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Bitcoin continued its steady climb amid renewed global economic tensions as Trump tariffs expanded to new territories. The US President Donald Trump issued trade letters to Iraq, Moldova, the Philippines, Algeria, and Libya. Markets reacted swiftly, and Bitcoin rose nearly 2% as investors shifted toward alternative assets.

The Trump tariffs now apply to exports from seven countries, with new duties ranging between 20% and 30%. The affected nations include Brunei and Sri Lanka, in addition to those previously named. The new measures will take effect on August 1 and may escalate if any retaliatory actions occur.

Cryptocurrency markets showed strength, as broader global markets displayed signs of instability following the announcement. Earlier in the week, the US also imposed 25% tariffs on Japan and South Korea. These developments further extended the Trump tariffs and added to the economic pressure in the Far East.

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Trump Tariffs Push Bitcoin Near Record

Bitcoin hovered around $109,201 as of press time, registering a 1.96% gain in the last 24 hours. Daily trading volumes increased to $44.7 billion, highlighting growing investor interest. The Trump tariffs have created uncertainty, pushing capital into decentralized assets.

Although expectations of a Fed rate cut weakened, Bitcoin’s resilience remained intact. The digital asset now trades just 4% below its all-time high. Investors appear to be positioning Bitcoin as a hedge against trade-induced volatility caused by the Trump tariffs.

Market sentiment leaned toward bullish as volume and price rose concurrently. Historical data show similar Bitcoin behavior during previous major trade conflicts. The Trump tariffs have renewed demand for store-of-value assets like Bitcoin.

Ethereum Rallies as Treasury Activity Spikes

Ethereum recorded nearly a 4% gain within a day, outperforming Bitcoin and other major digital currencies. Treasury activity by Ethereum-based firms increased following the release of Trump tariffs. Transaction volumes and network activity have both seen a notable uptick.

This price movement marks Ethereum’s most significant single-day gain in recent weeks. The currency responded positively to investor movement away from traditional equities. As Trump tariffs weighed on global trade outlooks, Ethereum benefited from renewed interest.

BNB and SOL also posted gains, with both currencies reacting to Trump’s tariff expansion. Market indicators showed healthy inflows into altcoins as traditional assets faltered. SOL rose sharply, aided by growing user activity across its network.

BNB gained momentum following rising usage on Binance’s blockchain infrastructure. Traders favored it due to its utility features and reduced transaction costs. As Trump tariffs expanded, more participants migrated to efficient crypto alternatives.

XRP saw a 4% spike, continuing its rebound from recent lows. Increased adoption by financial institutions supported its upward movement.

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