Trump's Tariff Adjustments Lead to a $600M Drop in BTC, Hitting a 3-Week Low

The cryptocurrency market, including Bitcoin (BTC), has been significantly impacted by US President Donald Trump's tariffs against multiple nations, with BTC plunging to a 3-week low of under $114,500. Trump's recent executive order imposed a 10% tariff on goods from all countries other than the 92 listed in an annex that face higher rates, and raised tariffs on Canadian goods from 25% to 35%.

Following the order, the crypto market experienced a substantial correction, with the total market cap declining by over $150 billion since yesterday's peak. The correction resulted in the liquidation of over $650 million worth of positions, with more than $600 million attributed to longs.