$600M in Longs Wiped as BTC Crashes to 3-Week Low on Trump Tariff Shock
Main Idea
US President Donald Trump's tariff adjustments on August 1 negatively impacted the cryptocurrency market, causing significant price drops and liquidations.
Key Points
1. Trump imposed a 10% tariff on goods imported from most countries and increased tariffs on Canadian goods from 25% to 35%.
2. Bitcoin dropped to a multi-week low following the tariff announcement, with the crypto market losing over $150 billion in value.
3. The total crypto market cap fell to $3.820 trillion, and over 160,000 over-leveraged traders were liquidated, totaling $650 million in losses.
4. The Kobeissi Letter criticized the trade war, stating it has 'lost all credibility,' referencing previous market declines linked to Trump's policies.
5. Bitcoin had briefly recovered to nearly $119,000 before the tariff announcement but dropped sharply afterward.
Description
Today, being August 1, means that many of US President Donald Trump’s tariffs against multiple nations are supposed to be enforced, which had a drastic impact on the cryptocurrency market. Bitcoin, for one, dropped by several grand in a day to a multi-week low of under $114,500. Trump’s Latest Tariff Adjustments August 1 was a pivotal date for Trump’s global policy, as he had outlined it as a deadline for tariff implementation against numerous nations. On Thursday, the POTUS signed an executive ...
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