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Bitcoin Drops to 3-Week Low Amid Trump’s Tariff Shockwaves
Bitcoin (BTC) fell sharply on Friday morning, sliding to $114,250 on Coinbase during Asian trading hours — its lowest level since June 11. The drop marks a 2.6% decline on the day, pushing Bitcoin nearly 6.5% below its all-time high (ATH) of $122,800, reached just weeks ago on July 14.
The leading cryptocurrency has now broken below its recent three-week consolidation range, sparking concerns about further downside. Analysts suggest the next major support zone lies near $111,000 if a rebound does not materialize.
Trump’s Tariffs Shake Global Markets
The crypto sell-off coincided with U.S. President Donald Trump’s new executive order, formalizing a series of high trade tariffs targeting a wide range of countries. Notably, the order includes increased tariffs on Canada (from 25% to 35%) and fresh duties on South Africa, Switzerland, Taiwan, and Thailand, ranging between 19% and 39%.
While deals with major allies like the EU, Japan, South Korea, and the UK were finalized, the broader macroeconomic uncertainty weighed heavily on both traditional and digital markets.
Over $630M in Liquidations Amid Sell-Off
The sudden drop led to widespread liquidations across crypto markets, with 158,000 traders losing a total of $630 million, according to CoinGlass. The majority were long positions, reflecting bullish sentiment ahead of the tariff deadline.
Despite the volatility, Bitcoin still closed July at an all-time high monthly close of $115,784, showcasing resilience in broader market structure.
Analysts See Short-Term Correction
Experts suggest the dip may be a temporary correction rather than a long-term trend reversal. Henrik Andersson of Apollo Capital emphasized that a potential deal with China could ease investor fears and restore bullish momentum.
Nick Ruck of LVRG Research added that while tariffs were a key factor, profit-taking, geopolitical risks, and U.S. macro uncertainty likely amplified the move.
