Bitcoin dropped to $117,400 after U.S. President Donald Trump announced a new wave of trade sanctions—this time targeting India. The new 25% tariff, effective from August 1, sparked a sharp reaction not only in traditional markets but also across the cryptocurrency sector.
Immediate Reaction: Bitcoin Drops Over $1,000
According to TradingView data, Bitcoin fell from $118,400 to $117,400 shortly after Trump's announcement. The decline came just as BTC was attempting to recover from a recent correction that had pushed it below the $120,000 mark.
Trump revealed the new tariff measures on his Truth Social platform. He justified the sanctions by pointing to India’s "extremely high tariff rates" and its continued purchase of military equipment and energy resources from Russia. According to Trump, these practices undermine fair trade relations with the United States.
August 1 – The Deadline for Trade Deals or New Tariffs
India isn't the only country facing new trade restrictions. Trump's plan envisions a 25% tariff on all nations that haven’t reached a trade agreement with the U.S. The key date is August 1, when these measures are set to take effect.
Despite this, there are signs of optimism. As previously reported, the United States recently reached a large-scale trade agreement with the European Union. Trump called it "the biggest deal in history" and suggested that more deals could follow soon.
Hope for Bitcoin Still Alive
In addition to the EU, the U.S. has recently struck new trade deals with Japan, Indonesia, the Philippines, and Vietnam. These developments have had a stabilizing effect on the BTC price over the past few days.
Indian officials have also reportedly begun pushing for a last-minute agreement with the U.S. in hopes of avoiding negative impacts on exports. If successful, such a deal could shift sentiment on the crypto market and give Bitcoin the momentum it needs to climb back above $120,000.
Meanwhile, Trump has hinted multiple times that most trade negotiations could be finalized before the August 1 deadline. This gives the market hope that the current sell-off may be temporary—and that future geopolitical progress could once again fuel Bitcoin’s rally.
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