Bitcoin dropped to $114,250 early Friday during Asian trading hours, marking its lowest level in nearly a month — www.naijnaira.com reports.
The decline followed U.S. President Donald Trump’s new executive order targeting trade deals and raising tariffs, as reported by Cointelegraph.
Data from TradingView shows the crypto asset breached a key support level that had held since June 11, now heading toward a lower zone near $111,000.
The market reacted quickly after the announcement, shaving 2.6% off Bitcoin’s price in a single day, pushing it 6.5% below its peak of $122,800 seen mid-July.
Over the last 12 hours, around $110 billion exited crypto markets, further pressuring Bitcoin’s value and market sentiment.
CoinGlass reported that about 158,000 traders were liquidated within 24 hours, amounting to $630 million, mostly affecting long positions.
The broader crypto downturn coincides with a drop in Asian stock markets, both influenced by rising economic uncertainty.
Trump’s order locked in new tariffs ranging from 19% to 39% on countries like South Africa, Taiwan, Switzerland, and Thailand.
He also increased existing tariffs on Canadian imports from 25% to 35%, while finalizing trade deals with allies such as Japan, the UK, and the EU.
Henrik Andersson of Apollo Capital noted, “Profit-taking was inevitable after such a strong run across markets, especially with tariff uncertainty in play.”
Nick Ruck of LVRG Research described the market dip as “a temporary correction rather than a structural shift” triggered by broader macro concerns.
Ruck added, “Tariffs were one factor, but this pullback also came after Bitcoin reached record highs, plus geopolitical and U.S. economic uncertainty played a role.”
Still, Bitcoin managed to close July with its highest-ever monthly candle at $115,784, even though its largest monthly gain came last November post-election.
That $26,000 surge followed Trump’s return to the political spotlight, creating a sharp upward movement in the market just months ago.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
