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CNBC: Crypto Market Enters Turbulent August as Trump's New Tariffs Spark Risk-Off Sentiment
BlockBeats News, August 2nd, according to CNBC's report, the crypto market saw a decline on Friday after Trump announced "reciprocal" tariff adjustments for dozens of countries. Bitcoin's price showed relative strength, while Ethereum, XRP, and BNB all experienced minor declines. Bitcoin fell to a low of $113,988.47 at one point.
This decline triggered a widespread long liquidation, where traders were forced to sell assets at market price to repay debt, further driving down the price.
Crypto-related stocks saw even larger declines. Coinbase led the decline due to poor second-quarter performance, falling 15%; Circle fell 4%, Galaxy Digital fell 2%, Ethereum treasury company Bitmine Immersion fell 8%, and MicroStrategy fell 5%.
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