Bitcoin has dropped to its lowest level in three weeks as U.S. President Donald Trump issued an executive order to impose trade tariffs on a range of countries.
Bitcoin (BTC) Coinbase fell to $114,250 in early Asian trading on Friday, according to Go to TradingView. It hasn’t been that low since June 11.
The original cryptocurrency is now broken below its three-week range channels, with the next support area of about $111,000 without rebounds. Today’s 2.6% decline puts the asset below its all-time high of $122,800, 6.5% from its all-time high of $122,800, which began July 14.
Bitcoin has fallen into a leading position in tariff decision deadlines, with $110 billion exiting the spot cryptocurrency market over the past 12 hours.
In the past 24 hours, a total of 158,000 traders have been liquidated to $630 million, according to Go to coinglass. Most of them are long positions.
Cryptocurrency market declines the same week as the White House issued its crypto policy Report Widely considered Optimistic about the industry.
Trump imposes trade tariffs
President Trump formalized a series of high tariffs and trade deals he announced in recent weeks later Thursday, including raising the tariffs on Canada to 35%.
Executive orders before self-imposed Deadline For the trade agreement, countries with which he agreed, such as South Africa, Switzerland, Taiwan and Thailand, face tariffs of 19% to 39%.
Agreements with famous trading partners such as the EU, Japan, South Korea and the UK are also officially cooperated.
Trading was lower in Asia’s stock markets as well as in cryptocurrency markets on Friday morning.
China deals can ease tensions
“Combined with the uncertainty about tariffs, it’s natural to see very strong profits in stock and cryptocurrency markets,” Henrik Andersson, chief investment officer at Apollo Capital, told Cointelegraph.
“If a deal can be reached with China, we think this will remove a lot of the current uncertainty.”
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“The market decline this week reflects a combination of fears from tariff deadlines and broader macroeconomic uncertainty, while Trump’s new plan amplifies the volatility.”
However, some investors view the sell-off as a “temporary correction, not a structural change,” he added:
“While tariffs have led to a pullback, the dump could be intensified by profit after recent ATHS, lingering geopolitical tensions and U.S. macro uncertainty.”
The highest candle of the month closes
Despite the relatively small tilt of Bitcoin, the asset released its highest monthly candle ever in July. Its all-time high and closes at $115,784, according to TradingView.
However, this is not the biggest candle of the month. It was last November, when the asset soared $26,000 in a month after the U.S. election as Donald Trump.
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