US President Donald Trump continues to influence the cryptocurrency market with his statements.
At this point, Trump, who made a customs tax announcement against the EU last Friday, caused a decline in Bitcoin (BTC) and altcoins.
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Trump stated that the ongoing customs duty negotiations with the European Union were not progressing as desired and proposed a 50% customs duty on all EU imports starting from June 1, 2025.
There was a new development in EU customs duties after the weekend, and Trump announced that after his meeting with European Commission President Von Der Leyen, he agreed to extend the implementation date of the 50% customs duty on EU goods from June 1 to July 9, 2025.
Von der Leyen stated that tax negotiations with the US would begin immediately.
“Today I received a call from the President of the European Commission, Ursula von der Leyen, requesting an extension of the 1 June deadline for the 50% Tariff on Trade and the European Union. I have accepted the extension — 9 July 2025 — it was a privilege for me to do so. The Commission President said that the negotiations will start quickly.”
With the developments, there was movement in Bitcoin (BTC) and altcoins.
Bitcoin started the day at $107,900, but rose above $110,000 following the news.
Ethereum (ETH) also rose by 3.6% to $2,580, while major altcoins such as XRP, BNB, Solana (SOL) and Dogecoin (DOGE) also saw significant gains.
According to data from Coinglass, $217 million worth of leveraged transactions were liquidated in the last 24 hours, $109 million of which were long positions and $107 million were short positions.
While 88,254 investors were liquidated in the last 24 hours, the largest liquidation occurred in the ETH/USDT trading pair on Binance.
*This is not investment advice.
