Bitcoin falls from $109,100 after Trump’s refusal to extend the August 1 tariff deadline, trading at $108,400 as markets brace for trade tensions.
After reaching a high of $109,000 today, the BTC price is on the brink of retesting the psychological $108,000 level once more. This follows Donald Trump’s declaration that he has no intention of extending the new trade deadline on August 1.
As Trump issued a warning, the price of Bitcoin plummeted to below $109k
The Bitcoin price has declined from its intraday peak of $109,198, as indicated by CoinMarketCap data, and is currently trading at approximately $108,400. This is in response to Trump’s notification regarding the reciprocal tariffs, which are scheduled to be implemented on August 1.
In a Truth Social post, the United States president announced that the proposed tariffs, which he communicated to numerous countries in a letter, will be implemented on August 1. Trump declared that there has been no change to date and that there will be no change in the future. He also stated that all payments will be due and payable on August 1 and that no extensions will be granted.
As previously reported, the president sent letters to 14 countries, including Japan and South Korea, informing them of the reciprocal tariffs that will be implemented on August 1. Following this development, the price of Bitcoin (BTC) declined below the psychological $108,000 mark.
Earlier today, Bitcoin experienced a rebound as market participants endeavored to overcome the apprehension of an imminent trade war between the United States and these nations. Nevertheless, Trump’s stance implies that the market may experience increased volatility as the trade deadline approaches next month.
