Trump’s Tariffs Spark Bitcoin Price Drop Below $118K – Breaking News
Overview
Bitcoin’s recent price surge suffered a setback today following the announcement of new trade tariffs by US President Donald Trump. The BTC price, which had reached an intraday high of approximately $118,200, plummeted after Trump’s pronouncement of 30% tariffs on European Union and Mexican goods, effective from August 1.
The action follows just a few days after Trump placed 25% tariffs on South Korea and Japan, as part of a wider trade crackdown. On July 7, he also forwarded tariff letters to 12 other nations, marking a renewed drive towards confrontational trade policies. Then, at the same time, Bitcoin also responded negatively, going below \$108,000.After the previous dip, Bitcoin recovered well, crossing $112,000 on July 10 to create a new all-time high (ATH). The momentum took it to an intraday high of $118,800, before today’s fall due to revived concerns regarding global trade tensions.
According to CoinMarketCap statistics, Bitcoin fell below $118,000 shortly after Trump released the tariff letters publicly on Truth Social. The news appears to have spooked markets with fears that the deepening trade war would bring more pressure on risk assets such as Bitcoin.
Market observers are keenly monitoring how international reactions to the tariffs may unfold. If nations target retaliatory tariff increases, this could lead to further economic uncertainty, possibly chilling investor demand for risky assets such as crypto.While Bitcoin has been strong, the renewed resurgence of protectionist trade policy may remain a headwind. Traders now await whether BTC can hold above significant levels of support or if the market is to continue reacting to geopolitical tensions in the next few days.
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