Crypto Market Slumps on Trump’s New Tariffs Announcement, Bitcoin Drops to $113K

The virtual currency market has witnessed significant shifts following President Trump’s announcement of new trade tariffs . On Friday, August 1, 2015, President Trump officially announced new tariffs on products imported from over 90 nations after his August 1 deadline to ‘negotiate trade agreements’ had elapsed. The new levies imply that firms that bring foreign products into America will have to pay taxes to the US government. This means these firms may transfer expenses onto consumers.

Crypto Market Slides after Trump’s Surprise

The digital asset market witnessed a substantial slump today on Sunday, with multiple virtual assets reacting to the new U.S. trade tax arrangements. Bitcoin and many other altcoins dropped after the new tariffs caused a panic mood among global investors.

Bitcoin displayed some strength compared to other virtual assets. Today, BTC is currently trading at $113,719, down 3.74% after the new tariff announcements triggered a substantial downturn trajectory.

The wider market dropped, with its trading volume falling 28.13% over the past 24 hours. ETH, XRP, and BNB recorded massive losses, shedding 8.14%, 9.87%, and 5.96% respectively since the new tariff arrangements.

The declines in virtual currency prices were triggered by the implementation of Trump’s trade taxes. The tariffs have caused a cautious sentiment, influencing traders to rechannel their funds into safer assets.

Market Records $336 Million Long Positions Liquidations

The drop of the crypto market, which marked one of the most substantial consolidations in months, caused massive market liquidations. The slump saw more than $336 million long positions liquidated in the past 24 hours, according to data reported today by market analyst Crypto Patel. A total of $400 million was erased across the wider market over the duration, with 119,044 investors across prominent trading platforms experiencing losses.

These massive figures highlight heightened price movements and dangers connected to trading in the virtual currency market. Traders who launched long positions, believing that the price of assets would surge, were the most affected.