Bitcoin (BTC) fell to its lowest level in three weeks as U.S. President Trump issued an executive order imposing trade tariffs on multiple countries.
According to TradingView data, Bitcoin dropped to $114,250 during early Asian trading on Coinbase on Friday. This is the lowest level since June 11.
The original cryptocurrency has now broken below the three-week range-bound channel, and without a rebound, the next support area is around $111,000. Today's 2.6% decline has caused the asset to drop about 6.5% from its all-time high of $122,800 set on July 14.
Bitcoin began to decline before the tariff decision deadline, with $110 billion flowing out of the spot cryptocurrency market in the past 12 hours.
According to CoinGlass data, a total of 158,000 traders were liquidated in the past 24 hours, amounting to $630 million. Most of these were long positions.
The decline in the cryptocurrency market occurred in the same week that the White House released a widely regarded favorable cryptocurrency policy report for the industry.
President Trump officially confirmed on Thursday evening a series of high tariffs and trade agreements he had announced in recent weeks, including raising tariffs on Canada from 25% to 35%.
This executive order, released before the self-imposed deadline for trade agreements, also sets tax rates for countries that have not reached an agreement with him, such as South Africa, Switzerland, Taiwan, and Thailand, facing tariffs ranging from 19% to 39%.
Agreements with major trading partners such as the European Union, Japan, South Korea, and the United Kingdom also officially took effect.
On Friday morning, Asian stock markets fell alongside the cryptocurrency market.
Henrik Andersson, Chief Investment Officer of Apollo Capital, told Cointelegraph: "Given the uncertainty of tariffs, it is natural to see some profit-taking after strong rallies in the stock and cryptocurrency markets." He added:
Nick Ruck, Director of LVRG Research, told Cointelegraph: "This week's market decline reflects a mix of fear over the tariff deadline and broader macroeconomic uncertainty, with Trump's new plan amplifying volatility."
However, he noted that some investors view this sell-off as a "temporary adjustment rather than a structural shift," and added:
Despite the relatively small decline in Bitcoin, the asset set a record high monthly closing price in July. According to TradingView data, it reached an all-time high and closed at $115,784.
However, this was not the largest monthly gain. That was last November, when the asset surged $26,000 in just one month after Trump was elected President of the United States.
Related: The White House cryptocurrency report brings mixed feelings for Bitcoin (BTC) supporters
Original article: “Trump's Tariff Order Fails to Comfort Investors as Bitcoin (BTC) Drops Below $115K”
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