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President Trump’s latest tariff adjustments, enforced on August 1, sent shockwaves through the cryptocurrency market, with Bitcoin plunging to a three-week low. Over $600 million in long positions were liquidated as the crypto market cap dropped by $150 billion. Analysts question the credibility of the escalating trade war amid the financial fallout.
- Trump raised Canadian tariffs from 25% to 35% and imposed 10% tariffs on most other nations, excluding 92 allies.
- Bitcoin dropped 3% to $114,400, erasing gains from the Fed's rate pause, while altcoins fell up to 10%.
- Leveraged traders suffered $650M in liquidations, with longs accounting for over 90% of the losses.
📎 Related coverage from: cryptopotato.com