Bitcoin Crashes on Trump’s New Trade War Threat—August 1 Could Be the Day Everything Breaks
Main Idea
Bitcoin's price dropped following President Trump's new trade war threats, with markets reacting negatively to the uncertainty and potential tariffs set to take effect on August 1.
Key Points
1. Bitcoin fell to $107,936.08, a 0.74% drop in 24 hours, amid global risk-off sentiment triggered by Trump's tariff threats.
2. Trump announced new tariffs, including 25% on Japan and South Korea, and up to 40% on goods from Laos and Myanmar, using the International Emergency Economic Powers Act.
3. The S&P 500 dropped nearly 1%, and Japanese automakers like Toyota and Honda saw significant share price declines.
4. The White House delayed the initial July 9 tariff deadline to August 1, adding to market uncertainty.
5. Bitcoin futures showed a rebound with open interest rising 7%, but price action remained cautious, with potential downside risks if support levels break.
Description
Financial markets reeled on Monday as President Donald Trump reignited fears of a global trade war, triggering a ripple effect that extended into the crypto sector. Bitcoin, which had shown signs of renewed bullish momentum in recent weeks, fell below $108,000 after Trump issued tariff threats against multiple U.S. trading partners, reviving concerns that have long haunted investors since his return to office in January. Shortly after noon, Trump released letters addressed to Japan and South Kor...
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