MEXCBTC Price Drops As Trump Says No Plans To Extend August 1 Tariff Deadline
Highlights
- Bitcoin price dropped from its intraday high of $109,100.
- This comes as Donald Trump declared he has no intention to extend the August 1 deadline.
- The reciprocal tariffs will take effect after the deadline.
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.
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
