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Investing.com-- Bitcoin inched higher on Tuesday but gains remained restricted as new U.S. tariffs announced by President Donald Trump dampened risk appetite, while uncertainty over the tariff deadline added to investor caution.
The world’s largest cryptocurrency added 0.6% to $109,340 as of 09:48 ET (13:48 GMT).
The token has remained range-bound in recent sessions, with traders avoiding large positions amid uncertainty over global economic policy.
Trump tariffs, shifting deadline stoke investor caution
U.S. President Donald Trump on Monday began sending tariff letters, notifying 14 countries that sharply higher duties will take effect on August 1.
The list included major U.S. trading partners such as Japan and South Korea, along with smaller exporters like Serbia, Thailand, and Tunisia.
The letters outlined a 25% levy on all goods from Japan and South Korea, while some nations face up to 40% tariffs.
The new tariff rates were earlier set to take effect on July 9, but President Trump signed an executive order on Monday, delaying the deadline by three weeks to August 1.
Even after the extension, Trump said that the August deadline was "not 100% firm,” and that he was open to alternate proposals from trade partners.
For cryptocurrencies, which often rely on broader risk sentiment and investor confidence, such uncertainty has dampened demand.
Cryptocurrencies have struggled to find clear direction in recent sessions, and the latest developments are likely to keep markets choppy.
Looking ahead, investors are focused on “Crypto Week” starting July 14, when U.S. lawmakers in Washington are expected to push forward at least three major bills aimed at regulating digital assets.
Among them are the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.
BlackRock (NYSE:BLK)’s Bitcoin ETF now holds more than 700K BTC
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed 700,000 BTC in holdings, just 18 months after launching in January 2024, according to Glassnode.
At current prices, that puts its assets under management near $75.6 billion, based on CoinGecko data.
IBIT is now BlackRock’s third-highest revenue-generating fund, ahead of long-established ETFs like the iShares Core S&P 500 (IVV) and iShares Russell 2000 (IWM).
While those funds hold more assets, their lower fee structures have kept them behind IBIT in revenue terms.
Crypto price today: most altcoins mixed in range-bound session
Most altcoins saw small gains and losses in a range-bound trading session amid broader U.S. tariff uncertainty.
World no.2 crypto Ethereum advanced 1.2% to $2,586.27.
Bucking the trend, world no. 3 crypto XRP gained 0.5% to $2.29, while Polygon added 1.5%.
Solana rose 0.6%, while Cardano added around 1%.
Among meme tokens, Dogecoin climbed 1%, while $TRUMP declined 1.1%.
(Ayushman Ojha contributed to this report.)