CNBC: As Trump's new tariffs trigger risk-averse sentiment, the crypto market enters a turbulent August

ChainCatcher news, according to CNBC, the cryptocurrency market experienced a decline on Friday after Trump announced adjusted "reciprocal" tariffs for dozens of countries. Bitcoin's price remained relatively strong, while Ethereum, XRP, and BNB all saw slight declines. Bitcoin briefly fell to a low of $113,988.47.

This drop triggered a massive long liquidation, where traders were forced to sell assets at market price to repay debts, further driving down prices.

U.S. stocks related to cryptocurrency faced even larger declines. Coinbase led the drop with a 15% decrease due to poor second-quarter performance; Circle fell 4%, Galaxy Digital dropped 2%, Ethereum treasury company Bitmine Immersion decreased by 8%, and MicroStrategy fell by 5%.