Bitcoin has dropped to its lowest level in three weeks following US President Donald Trump’s executive order imposing trade tariffs on multiple countries.
Early Friday trading in Asia saw Bitcoin fall to $114,250 on Coinbase, according to TradingView — a level not seen since June 11.
The original cryptocurrency has broken below its three-week trading range, with the next support level around $111,000 if it fails to rebound. Today’s 2.6% decline puts Bitcoin approximately 6.5% below its all-time high of $122,800, reached on July 14.
Bitcoin’s decline had already begun ahead of the tariff decision deadline, with $110 billion exiting spot crypto markets in the past 12 hours.
Over the last 24 hours, 158,000 traders were liquidated, totaling $630 million in losses, mostly from long positions, according to CoinGlass.
This market downturn coincides with the same week the White House released a crypto policy report, which many viewed as a positive sign for the industry.
Trump imposes trade tariffs
Late Thursday, President Trump formalized a series of high tariffs and trade deals he had announced in recent weeks, including raising tariffs on Canada from 25% to 35%.
The executive order, issued ahead of his self-imposed trade deal deadline, also established tariff rates for countries without agreements, such as South Africa, Switzerland, Taiwan, and Thailand, with tariffs ranging from 19% to 39%.
Additionally, agreements with key trading partners like the European Union, Japan, South Korea, and the United Kingdom were officially confirmed.
On Friday morning, stock markets across Asia opened lower, along with declines in the cryptocurrency markets.
China deal may help ease tensions
“Given the uncertainty surrounding tariffs, it’s natural to see some profit-taking after a strong rally in both equities and crypto markets,” said Henrik Andersson, Chief Investment Officer at Apollo Capital, adding:
“If a deal with China can be made, it would remove a lot of the current uncertainty in our opinion.”
“This week’s market decline reflects a combination of tariff deadline fears and broader macroeconomic uncertainty, with Trump’s new measures intensifying volatility,” said Nick Ruck, director at LVRG Research.
However, he added that some investors see the sell-off as a “temporary correction rather than a structural shift,” before continuing:
“While tariffs contributed to the pullback, the dump was likely exacerbated by profit-taking after recent ATHs, lingering geopolitical tensions, and US macro uncertainty.”
Highest monthly candle closes
Despite the recent modest dip, Bitcoin recorded its highest-ever monthly close in July, reaching an all-time high and finishing the month at $115,784, according to TradingView.
However, this wasn’t the largest monthly gain. That distinction goes to last November, when Bitcoin surged by $26,000 in a single month following Donald Trump’s election in the US.
