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Trump Tariff Order Triggers Sell-Off
Bitcoin’s recent price action has alarmed investors and traders alike, as the world’s largest cryptocurrency dropped below $115,000 following a sweeping executive order from U.S. President Donald Trump. The order, which imposes new trade tariffs on several major economies, has shaken investor sentiment and ignited a wave of profit-taking across global financial markets, including equities and crypto.
Bitcoin (BTC) plunged to $114,250 in early Friday trading on Coinbase, according to TradingView — its lowest point since June 11. The drop marked a 2.6% daily decline and brought Bitcoin roughly 6.5% down from its all-time high of $122,800 set on July 14.
This move broke Bitcoin’s recent three-week range-bound trading channel, suggesting a shift in market sentiment. Analysts are now eyeing the $111,000 level as the next major support, which could be tested if bearish momentum continues.
While the broader crypto market followed Bitcoin’s lead in a sharp decline, the catalyst appears squarely focused on political and macroeconomic developments—specifically, Trump’s aggressive push for global tariff restructuring.
Executive Order Roils Global Markets
Late Thursday, Trump announced a sweeping set of trade policies via executive order. The move included raising tariffs on Canadian goods from 25% to 35% and setting new tariff rates between 19% and 39% for countries that failed to reach bilateral deals, including Switzerland, Taiwan, Thailand, and South Africa.
Deals were simultaneously finalized with key trading partners such as the European Union, Japan, South Korea, and the United Kingdom. But the breadth of the new tariffs—covering hundreds of billions of dollars in trade—sent a wave of uncertainty through global markets.
Asian stock markets opened sharply lower on Friday in response, with crypto assets following suit. Investors appeared unconvinced that these aggressive tariff maneuvers would lead to favorable economic outcomes in the short term.
The tariff order also came just hours before Trump’s self-imposed deadline to finalize major trade agreements. Analysts suggest the rushed nature of the deals—and the threat of prolonged trade friction—has introduced renewed volatility into risk-on markets like crypto.
Crypto Liquidations Top $630 Million
As markets reeled from Trump’s announcement, the crypto sector experienced widespread liquidation. According to data from CoinGlass, over 158,000 traders were liquidated in the last 24 hours, totaling $630 million. The majority of these were long positions, further accelerating downward pressure on Bitcoin and other leading cryptocurrencies.
In the past 12 hours alone, more than $110 billion has exited spot crypto markets. This dramatic outflow reflects a broader risk-off sentiment and highlights how tightly crypto is now tied to macroeconomic and geopolitical events.
While some market participants argue this is a routine pullback after a strong multi-month rally, others see a more complex macro narrative playing out—one where political unpredictability, such as sudden tariff hikes, adds layers of uncertainty.
Nick Ruck, director at LVRG Research, told Cointelegraph, “This week’s market dip reflects a mix of tariff deadline fear and broader macroeconomic uncertainty, with Trump’s new plans amplifying volatility.”
Bitcoin’s Outlook Still Strong
Despite the short-term correction, many analysts remain optimistic about Bitcoin’s broader trajectory. Notably, July closed with Bitcoin posting its highest-ever monthly candle, hitting an all-time high of $122,800 and closing at $115,784. While not the largest monthly gain—that title goes to November 2024 after Trump’s election—the July candle represents a key psychological milestone.
According to Apollo Capital CIO Henrik Andersson, “Combined with the uncertainty over tariffs, it is natural to see some profit taking after a very strong run both in equities and crypto markets.”
Bitcoin’s drop appears less of a fundamental breakdown and more of a temporary pause driven by exogenous political risk. The structure of the rally remains largely intact, and technical analysts still point to a bullish medium-term outlook as long as BTC holds above the $111K support.
Additionally, some market participants see the tariff-fueled dip as a buying opportunity. With increased institutional interest, improved macro clarity expected in Q4, and strong on-chain metrics, Bitcoin’s long-term fundamentals appear unshaken.
China Deal May Stabilize Outlook
Amid the tariff storm, one possible stabilizing force could be a rumored trade agreement with China. While not part of the Thursday executive order, senior administration officials have hinted that a deal with Beijing could be announced in the coming weeks.
Should such a deal materialize, it could ease market tension and restore some investor confidence, potentially acting as a bullish catalyst for crypto. Market watchers will be paying close attention to any developments on this front, especially as Trump doubles down on his America-first trade agenda heading into election season.
Moreover, this week also saw the White House publish a crypto policy framework viewed as broadly favorable to the industry. The timing of that report—amid the sell-off—suggests Washington is still serious about integrating digital assets into the broader financial system, even as political winds shift rapidly.
Conclusion: Temporary Shock, Not Collapse
While Bitcoin’s fall below $115,000 marks a notable technical breakdown, the broader picture remains intact. Trump’s tariff order served as a flashpoint for investor nervousness, but the longer-term outlook for Bitcoin appears fundamentally strong.
The combination of record monthly closes, strong institutional flows, and potential policy tailwinds from Washington suggests this is more a temporary shakeout than a structural reversal.
Volatility will likely remain elevated in the short term as investors digest the full implications of Trump’s aggressive trade posture. But for long-term holders, this dip may prove just another bump on Bitcoin’s ongoing road to global relevance.