Bitcoin News Today: Bitcoin Falls 6.5% Below $115,000 as Trump Tariff Fears Spark Market Sell-Off

Bitcoin experienced a significant drop below $115,000 in early trading on Friday, marking its lowest level since June 11, as market participants reacted to the new trade tariff policies announced by former U.S. President Donald Trump [1]. The executive order, which imposes tariffs on countries including Canada, Switzerland, and Thailand, has created uncertainty in global markets, contributing to a broad sell-off in both stock and cryptocurrency markets [1].

The drop in Bitcoin was sharp, reaching $114,250 on Coinbase during Asia trading hours, a 6.5% decline from its July 14 all-time high of $122,800 [1]. This move pushed the cryptocurrency below the $115,000–$118,000 range it had maintained for much of the past three weeks. The sell-off affected more than 158,000 traders, with CoinGlass reporting over $630 million in losses from long positions liquidated within 24 hours. Meanwhile, $110 billion in capital exited the spot crypto market in just 12 hours [1].

Nick Ruck, director at LVRG Research, highlighted that the recent market dip was driven by a combination of tariff-related fears, broader macroeconomic uncertainty, and profit-taking following recent record highs. He noted that geopolitical tensions and U.S. macroeconomic conditions have also contributed to the sell-off [1].

Analysts are now closely watching the $111,000 level as a key support zone. A break below that could signal a deeper correction phase, although many remain cautiously optimistic that the pullback is a normal correction after months of upward momentum. Henrik Andresson, CIO at Apollo Capital, suggested that a potential deal with China could alleviate current uncertainties, but until that happens, volatility is expected to persist across risk assets [1].

Interestingly, the timing of the tariff announcement coincides with the release of a pro-crypto policy report from the White House, which had been seen as a positive development for the digital asset market [1]. Despite the recent turbulence, Bitcoin closed July with its highest monthly candle ever at $115,784 [1]. However, this did not surpass the record set in November 2024, when Bitcoin rose $26,000 in a single month following Trump’s election victory.

Source: [1] Bitcoin Slides Below $115K as Tariff Shock Hits Markets (https://coinmarketcap.com/community/articles/688ccaad60f60c591ec2c70d/)