Bitcoin dropped to its lowest level in three weeks today, falling below $115,000 after U.S. President Donald Trump signed an order to raise tariffs on several countries. The move shook markets, including crypto, which had already been showing signs of weakness.
According to CoinMarketCap, Bitcoin dropped to $114,300 in the early hours today, its lowest since June 11. The drop marks a 2.6% decline on daily chart while Bitcoin down nearly 7% from its all-time high of $123,000, recorded on July 14.
The sell-off followed a 12-hour stretch in which around $110 billion exited spot crypto markets. Data from CoinGlass shows that over 164,000 traders were liquidated in the past 24 hours, totaling $644 million in losses across all coins with BTC causing over $152 million of the losses. Most of these liquidations came from long positions. Analysts see the price move as a break from the recent range-bound pattern, with $111,000 now seen as the next support level.
Donald Trump’s Order Shakes Investor Confidence
President Trump’s executive order was signed late Thursday, formalizing trade tariffs that had been hinted at over the past few weeks. Countries without deals in place, such as South Africa, Switzerland, Taiwan, and Thailand, will now face tariffs of up to 39% onwards.
Canada’s rates jumped from 25% to 35%, while existing agreements with the EU, the UK, South Korea, and Japan were confirmed. The broad scope of the tariff rollout raised concerns across risk markets, with equities also slipping during morning trading.
Despite the decline, Bitcoin closed July with its highest-ever monthly candle at $115,784, according to market data. That close shows strong momentum on longer timeframes, even as daily volatility remains high.
Earlier this week, the White House released a crypto policy report viewed by some as positive for the industry. But Friday’s decline shows how sensitive markets still are to major macro shifts, especially when trade and inflation are involved.
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