Trump and Fed tariffs knock Bitcoin to $114, and cryptocurrencies add up to billion-dollar losses

• Trump raises tariffs and puts pressure on the cryptocurrency market
• Bitcoin Falls to $114 After New Executive Order
• Cryptocurrencies lose $150 billion in market value

This Thursday, August 1st, new trade tariffs imposed by current US President Donald Trump came into effect and have already triggered a sharp drop in the cryptocurrency market. Bitcoin fell sharply, falling from nearly $119 to a weekly low below $114.500.

The measure is part of Trump's tariff strategy, which imposed a 10% tariff on products imported from several countries, with the exception of a list of 92 nations subject to even higher tariffs. At the same time, tariffs on Canadian products were raised from 25% to 35%.

"I have determined that it is necessary and appropriate to address the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on products from certain trading partners," the president said in an official statement.

The market reacted immediately. Bitcoin, which had surged after the Federal Reserve's decision to keep interest rates unchanged, quickly lost more than $4 in value. The pullback wasn't limited to BTC—several altcoins followed suit.

Ethereum and XRP fell about 6%, while other tokens such as SPX, ENA, CRV, INJ, PENGU, JUP, BONK, and SEI fell more than 10%. In just 24 hours, the total cryptocurrency market cap plummeted by more than $150 billion, falling to approximately $3,82 trillion.

At the time of publication, Bitcoin's price was $115.378, down 2,5% daily, reflecting the instability caused by the new US tariff offensive. The recent executive order rekindles warnings about the impact of US trade policies on major global cryptocurrencies.