Bitcoin briefly falls to $112,800 after Trump announces new tariffs
Cryptocurrency and stock markets corrected slightly downwards on Tuesday. Bitcoin (BTC) fell below $113,000 after U.S. President Donald Trump announced new tariffs over the next week. Cryptocurrency markets fell 1,82%, with the S&P 500, Nasdaq, and Dow losing 0,28%, 0,36%, and 0,03%, respectively.
Trump said the new tariffs would apply to products currently in “select classes,” such as pharmaceuticals and semiconductor chips. The president explained that a small initial tariff would apply to pharmaceuticals, but would gradually increase to 250% over several years.
On the evening of August 5 Bitcoin was worth $113,835, down 1,1% in 24 hours, according to CoinGecko. The cryptocurrency’s weekly performance is even weaker, down 3,93% over the past seven days. Volatility has been moderate, as BTC prices have fluctuated between $112,701 and $115,729.
Source TradingView
The daily trading volume rose 10,52% to $59,43 billion compared to Monday, while the market cap fell 2,08% to $2,25 trillion. Bitcoin’s share in the 24-hour period rose to 59,9%, indicating that the BTC price drop was less significant than the losses in the overall crypto market.
Bitcoin Dominance. TradingView Data
Total open interest in BTC futures fell slightly in the 24-hour period, falling 0,15% to $80 billion. Bitcoin liquidations totaled $54,28 million, with $48,68 million coming from long positions and the remaining $5,6 million coming from short positions.
