ETH, XRP, and SOL all see modest gains today, as total market cap dips.
Major digital asset prices climbed higher on Wednesday, July 9, despite U.S. President Donald Trump’s ongoing tariff warnings, which have shaken investor sentiment.
Bitcoin (BTC) traded just below $109,000 at press time, up just half a percent over the past 24 hours and 0.8% over the week.
Ethereum (ETH) led the gains among the top-10 crypto assets by market capitalization, jumping 3.4% on the day to $2,650, and up a solid 7.3% in the past seven days. Solana (SOL) also posted gains, rising 2.5% to $154 on the day and up 2.6% for the week.
XRP continued its upward trend since Ripple’s bank charter application news on Friday, gaining 4.1% in the last 24 hours to $2.39, with an over 8% weekly increase.
Yesterday, news broke that President Trump’s social media platform Truth Social had filed for a “blue chip” crypto ETF that holds multiple top crypto assets, including BTC, ETH, SOL, and XRP, possibly also contributing to the mild gains.
Despite gains among the big players today, the total crypto market capitalization fell 2.4% to $3.45 trillion, according to CoinGecko. Daily trading volume stood at $92.3 billion.
Meanwhile, leveraged liquidations came in at $172 million on the day, according to CoinGlass data. ETH accounted for $56 million of the total, while BTC trailed with near $30 million.
U.S. spot Bitcoin exchange-traded funds (ETFs) attracted nearly $216 million inflows on July 8, while spot ETH ETFs brought in around $46 million, according to SoSoValue data.This marked the fourth day of consecutive ETF inflows for both assets.
Trump’s ‘Unpredictable’ Policies
The market’s mild volatility today comes as investors weigh Trump’s latest plan to reintroduce high tariffs on imports from more than a dozen countries starting on August 1. On Tuesday, the president added to the pressure by announcing a 50% tariff on copper imports, doubling his earlier proposal.
“Trade policy risks are becoming increasingly unpredictable as President Donald Trump continues to issue inconsistent messages regarding tariff enforcement,” said Linh Tran, a market analyst at forex broker XS, in a statement shared with The Defiant:
“His recent confirmation of an August 1 deadline, following earlier more flexible statements, has contributed to widespread investor hesitation. Rather than taking decisive action, markets – including Bitcoin – have shifted into a wait-and-see mode.”
Tran noted that despite these pressures, Bitcoin’s ability to stay above $100,000 highlights its underlying strength.
“This resilience reflects that mid- to long-term expectations for BTC remain intact, especially as current macro risks are seen as uncertain rather than definitively bearish,” the market analyst said.
Looking ahead this week, Tran said investors will be closely watching the upcoming Federal Open Market Committee (FOMC) meeting minutes. “Should the Fed maintain a dovish tone, it could provide near-term support for Bitcoin and potentially lay the groundwork for a fresh breakout once macro headwinds begin to ease,” Tran told The Defiant.
