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Bitcoin and XRP tumble as Trump's Russia sanctions deadline looms
Bitcoin and XRP tumble as Trump's Russia sanctions deadline looms originally appeared on TheStreet. The crypto market has been receding as the Aug. 8 deadline regarding President Donald Trump's sanctions against Russia looms. As U.S. envoy Steve Witkoff and Russian President Vladimir Putin held "useful and constructive" talks regarding the Russia-Ukraine war on Aug. 6, the crypto market cap fell 0.63% within 24 hours to $3.71 trillion at the time of writing. While Bitcoin fell 0.09% to trade at $114,347.36, Ethereum fell 1.30% to $3,601.88. SOL also fell 1.99% to $164.19. XRP fell by a dramatic 2.65% to $2.95. While the crypto market earlier remained quite insulated from macroeconomic and geopolitical phenomena, the increasing adoption and acceptance has come at a cost of such events impacting the digital assets market like traditional markets. Whether it's the wars in Europe and the Middle East or the Federal Reserve's interest rate policy, they impact the crypto market either positively or Trump himself has pursued an aggressive pro-crypto agenda during his second term, such as ordering a strategic Bitcoin reserve and signing the first major crypto legislation into law, his tariff war has severely impacted the crypto market. Not only that, Trump hasn't shied away from using tariffs and sanctions to serve the U.S.'s political goals. Of late, he has been threatening to raise tariffs on India for buying oil from Russia; India has protested that the U.S. and the EU also purchase Russian goods. However, every time there is uncertainty around global trade, the crypto market takes a nosedive. Notably, Trump has set a deadline of Aug. 8 for Russia to agree to peace in Ukraine or face new sanctions. Bitcoin and XRP tumble as Trump's Russia sanctions deadline looms first appeared on TheStreet on Aug 6, 2025 This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
