BlockBeats news, on August 2, according to CNBC, the cryptocurrency market experienced a decline on Friday after Trump announced adjusted 'reciprocal' tariffs for dozens of countries. Bitcoin's price remained relatively strong, while Ethereum, XRP, and BNB all saw slight declines. Bitcoin temporarily fell to a low of $113,988.47.
This decline triggered large-scale long position liquidations, forcing traders to sell assets at market prices to repay debts, further driving down prices.
U.S. stocks related to cryptocurrencies experienced larger declines. Coinbase led the decline with a 15% drop due to poor second-quarter performance; Circle fell 4%, Galaxy Digital dropped 2%, Ethereum treasury company Bitmine Immersion decreased by 8%, and MicroStrategy fell by 5%.
