The BTC price is again about to retest the psychological $108,000 level, after rallying to as high as $109,000 today. This comes following Donald Trump’s announcement that he has no plans to extend the new trade deadline on August 1.
BTC Price Drops Below $109k As Trump Issues Warning
CoinMarketCap data shows that the Bitcoin price has dropped from its intraday high of $109,198 and is currently trading at around $108,400. This comes following Trump’s warning about the reciprocal tariffs, which would take effect on August 1.
In a Truth Social post, the US president stated that the proposed tariffs, which he conveyed to several countries in a letter, will take effect from August 1. Trump stated that there has been no change to date, and there will be no change. He added that all money will be due and payable starting on August 1 and that no extensions will be granted.
As CoinGape reported yesterday, Trump sent letters to 14 countries, including Japan and South Korea, informing them of the reciprocal tariffs that will take effect from August 1. The BTC price subsequently dropped below the psychological $108,000 level following that development.
Bitcoin rebounded earlier today as market participants tried to shake off the fear of an imminent trade war between the US and these countries. However, Trump’s stance suggests that the market may be in for heightened volatility as the trade deadline approaches next month.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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Source: https://coingape.com/btc-price-drops-as-trump-says-no-plans-to-extend-august-1-tariff-deadline/