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Trump’s Tariff Order Sinks Bitcoin Below $115K

Bitcoin dropped sharply after Trump’s aggressive tariff order unsettled both crypto and stock markets, pushing BTC to its lowest point in three weeks

by NaijNaira
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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 4 weeks ago. Content is written and modified by multiple authors.

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