Bitcoin News

BTC Price Drops As Trump Says No Plans To Extend August 1 Tariff Deadline

The BTC price has dropped from its intraday high after President Donald Trump declared that he no plans to extend the new trade deadline.
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BTC 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.

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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.

Source: CoinMarketCap

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.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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