One must allow, however unwillingly, that the cryptocurrency market has succumbed to a most grievous decline of 4.5% in the past twenty-four hours—a state of affairs occasioned by President Donald Trump’s spirited dispatch of tariff letters to a multitude of nations. Truly, no family in Hertfordshire has ever faced such a blow to its portfolio! 🤦♀️
As can scarcely surprise anyone with a proper fortune, crypto stocks and the shares of those intrepid modern miners—publicly listed Bitcoin mining folk—have likewise endured notable misfortunes. The whole affair is, in every possible sense of the word, a rout.
Crypto Markets: As Discomposed as Lydia Bennet at a Ball
On July 7, Mr. Trump, pen in hand and perhaps an air of Wickham-esque mischief upon his brow, directed tariff missives to no fewer than fourteen countries. The rates—never less than 25%, and ascending with all the propriety of a Lady Catherine de Bourgh rebuke to 40%—were first sent to the deserving governments of South Korea and Japan, who, it must be said, have seen better days. In admirable consistency, duplicates were then conveyed to twelve further realms.
These include such varied and illustrious societies as Tunisia, Kazakhstan, Serbia, Bosnia, Myanmar, Laos, Bangladesh, Malaysia, Cambodia, Thailand, Indonesia, and South Africa. If Britain herself was spared, it was, no doubt, but an oversight or a fortunate accident in the postal system.
Mr. Trump’s catalogue of grievances and tariffs, to date:
Japan: 25%
South Korea: 25%
Malaysia: 25%
Kazakhstan: 25%
Tunisia: 25%
South Africa: 30%
Bosnia: 30%
Indonesia: 32%
Bangladesh: 35%
Serbia: 35%
Cambodia: 36%
Thailand: 36%
Laos: 40%
…— Crypto India (@CryptooIndia) July 8, 2025
“As it stands, more than one hundred countries have failed to respond to the United States’ overtures regarding tariffs with the appropriate trade deals. Tariff letters for all! Truly, the Bennets awaited an invitation to Netherfield with less anticipation.” — The Kobeissi Letter
Within these letters, the President expressed that most settled of American complaints: a troublesome trade deficit. Additionally, he cautioned that any “retaliation”—a word as likely to spark amusement at Rosings as fear at Pemberley—would be met with yet more tariffs. Oh, the artistry! 🎩
Into the fray leaps Mr. Peter Schiff, an economist of no little reputation, who observed—perhaps with a raised brow—that Mr. Trump’s correspondence betrays a rather spirited misunderstanding of international trade. According to Mr. Schiff, the matter of tariffs bears little connection to deficits—being more a product, as it were, of Americans’ enthusiastic patronage of foreign trinkets and goods, than of any slight from Japan or Korea.
“The average Japanese tariff on American goods is less than 2%, and Korea’s a positively amiable 1%. Our dear deficits arise simply from both nations offering more enticing commodities than we, with our baseball caps and fidget spinners. Should the dollar falter, and thanks to these new tariffs it very well might, we shall be paying extra for fewer treasures. Splendid logic!” — Mr. Schiff, in a tone Lady Catherine would surely frown upon
Regardless, the imposition of tariffs has wounded the crypto market. According to reliable data from BeInCrypto—so dependable one might entrust it with one’s daughters—the total market capitalization collapsed by a disheartening 4.5% this very day, with all the top ten coins adopting a shade redder than a blushing debutante.
Bitcoin (BTC) has stumbled a delicate 1.56%, now fluttering just below the $108,000 threshold, and presently dancing at $107,688. For Ethereum (ETH), a decline of 1.89% leaves it at the no-lady-would-brag value of $2,535. Dogecoin (DOGE), having attended one too many assemblies, has suffered the greatest mortification, a wounding 4.78% loss. 🐶💸
The contagion has not confined itself to coins alone. Crypto-related stocks have fared little better, to say nothing of our brave Bitcoin miners. Google Finance—an oracle perhaps as trustworthy as Mrs. Bennet’s nerves—reports that MicroStrategy (MSTR) stocks closed a mournful 2% lower, while Robinhood, alas for Robinhood, was diminished by 1%. The miners themselves suffered grander misfortunes; perhaps someone should send Mr. Darcy.
The stock market proper also received its share of indelicacy. CNN reports the Dow Jones has fallen by 422.17 points, the S&P 500 by 49.37, and the NASDAQ, with all the romance of a thwarted suitor, down by 188.59.
“It operates with all the predictability of Lady Catherine’s disapproval: tariff letters are sent, and the 10Y Note Yield scurries back up to 4.40%. We are now in a world where yields rise come what may, while deficits hold the reins like a particularly stubborn governess. The tea leaves could not be clearer.” – The Kobeissi Letter
This present commotion finds ample precedent in recent history, for in April, the US-China trade controversy sent Bitcoin below the $80,000 ballroom, triggering a liquidation as shocking as Mr. Collins’s proposal.
Now, with further tariffs to commence on August 1st, one need scarcely be the Cassandra of Derbyshire to forecast additional decline. Paired with diminished probability of a Fed rate cut—the prospect now below 5% for July—nothing could delight the bears more.
The September rate-cut hope has suffered as well, falling to 61.9% from a sprightly 90%—all thanks to these tumultuous tariff letters, if you believe CME FedWatch and the local gossips.
Together, Trump’s tariffs, market swoons, and sliding odds of Federal Reserve relief have conspired to form an atmosphere thick with uncertainty. One would be tempted to ring for tea—and perhaps something stronger—while awaiting the next letter, announcement, or invitation to Pemberley. ☕️🍷
Read More
- ETH PREDICTION. ETH cryptocurrency
- Silver Rate Forecast
- USD BRL PREDICTION
- USD CAD PREDICTION
- EUR VND PREDICTION
- DOGE PREDICTION. DOGE cryptocurrency
- NEXO PREDICTION. NEXO cryptocurrency
- Gold Rate Forecast
- USDE PREDICTION. USDE cryptocurrency
- Brent Oil Forecast
2025-07-08 10:12