Bitcoin Plunges $4,000 as Trump Tariffs Wipe Out $600M in Longs

Bitcoin experienced a significant downturn, falling to a three-week low of under $114,500. This sharp decline, which saw over $600 million in leveraged long positions liquidated, was triggered by the enforcement of new tariffs by U.S. President Donald Trump on August 1st. The market reacted negatively to the unexpected policy shifts, impacting the broader cryptocurrency landscape.