Bitcoin is at its lowest point in the last three weeks, after US President Donald Trump announced an executive directive imposing tariffs to a number of countries.
BitcoinBTCCoinbase, during the early morning trading of Friday in Asia, fell to $114.250. according TradingView. This is the lowest it’s been since June 11
The cryptocurrency’s range has been broken and if no rally occurs, it will fall to around $111,000 as the next level of support. With today’s decline of 2.6%, the cryptocurrency is around 6.5% under its previous high price of $122,800 on July 14, which was reached in early July.
Bitcoin has already fallen in price as the deadline for the tariff decision approaches. In the last 12 hours, $110 billion of spot cryptocurrency markets have been closed.
In the last 24 hours alone, 158,000 traders have been liquidated for a total of $630 Million. according CoinGlass. These were mostly long positions.
This crypto market decline comes the week after the White House released a crypto policy report Widely considered bullish for the industry.
Trump increases trade tariffs
On Thursday, President Trump formalized a range of trade agreements and tariffs he announced over the past few weeks. This included raising tariffs against Canada from 25% up to 35%.
This executive order was issued before the self-imposed deadline. deadline For trade agreements, he also set tariffs for countries who did not agree with him. These include South Africa (and Switzerland), Taiwan, Thailand and Taiwan.
Official agreements were signed with major trading partners, including the European Union and Japan as well as South Korea, the United Kingdom, the United Kingdom, South Korea, the United Kingdom, the European Union.
The stock market in Asia and crypto markets both fell on Friday.
China Deal could reduce tensions
“Combined with the uncertainty over tariffs, it is natural to see some profit taking after a very strong run both in equities and crypto markets,” Henrik Andersson is the chief investment officer at Apollo Capital, according to Cointelegraph.
“If a deal with China can be made, it would remove a lot of the current uncertainty in our opinion.”
Related: Slower bull market ahead? September Fed rate cut chance falls to 40%
“This week’s market dip reflects a mix of tariff deadline fear and broader macroeconomic uncertainty, with Trump’s new plans amplifying volatility,” Nick Ruck told Cointelegraph that he is director at LVRG Research.
Others, on the other hand, saw it as an opportunity to buy. “temporary correction rather than a structural shift,” he added:
“While tariffs contributed to the pullback, the dump was likely exacerbated by profit-taking after recent ATHs, lingering geopolitical tensions, and US macro uncertainty.”
The highest candle of the month is closed
The asset, despite a relatively minor dip in Bitcoin prices last month, posted the highest monthly candle ever. TradingView reports that it closed July at $115 784, a new record.
The candle was still not as big. Last November, the value of the asset increased by $26,000 within a single month after Donald Trump was elected in the US.
Magazine: China mocks US crypto policies, Telegram’s new dark markets: Asia Express
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
