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- 🎉 The #CandyDrop Futures Challenge is live — join now to share a 6 BTC prize pool!
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Event ends: August 9, 16:00 UTC
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CNBC: As Trump's new tariffs trigger risk aversion sentiment, the crypto market enters a turbulent August.
On August 2, according to CNBC, the crypto market experienced a decline on Friday after Trump announced adjustments to "reciprocal" tariffs for dozens of countries. Bitcoin's price held relatively steady, while Ethereum, XRP, and BNB all saw slight falls. Bitcoin briefly dropped to a low of $113,988.47. This decline triggered a large-scale liquidation of long positions, meaning traders were forced to sell assets at market price to repay debts, further depressing prices. U.S. stocks related to crypto faced even larger falls. CEX led the decline with a 15% drop due to poor performance in the second quarter; Circle fell 4%, Galaxy Digital dropped 2%, Ethereum treasury company Bitmine Immersion fell 8%, and MicroStrategy decreased by 5%.