On Tuesday, cryptocurrency and stock markets experienced a slight correction, amid which Bitcoin (BTC) briefly fell below the $113,000 mark. This happened after US President Donald Trump announced the introduction of new tariffs next week.
Impact on markets
Trump's announcement caused a wave of uncertainty that affected not only traditional stock markets but also the cryptocurrency sector. Cryptocurrency markets fell by 1.82% overall, while the S&P 500, Nasdaq, and Dow indices fell by 0.28%, 0.36%, and 0.03%, respectively.
The IT community is particularly concerned that the new tariffs will affect important categories of goods such as pharmaceuticals and, more importantly for the technology sector, semiconductor chips. According to the president, the initial tariff on pharmaceutical products will be small, but over several years it could gradually rise to 250%. This could significantly affect supply chains and production costs in the technology industry.
Bitcoin dynamics
On the evening of August 5, the price of Bitcoin was $113,835, which is 1.1% lower than a day earlier. The weekly dynamics of the cryptocurrency also showed a negative result ? minus 3.93% over the past seven days. Volatility remained moderate, with the price of BTC fluctuating between $112,701 and $115,729.
Despite the price decline, Bitcoin's market share rose to 59.9%, indicating that the leading cryptocurrency suffered less than other digital assets. Total daily trading volume increased by 10.52% to $59.43 billion, while market capitalization fell by 2.08% to $2.25 trillion.
Open interest in BTC futures declined slightly, by 0.15% to $80 billion. The volume of Bitcoin liquidations amounted to $54.28 million, most of which ($48.68 million) was accounted for by long positions.
Implications for the IT industry
This event once again highlights how political decisions can directly affect financial markets, including the cryptocurrency market. Of particular importance to the IT sector is the announcement of tariffs on semiconductor chips, which could lead to increased costs and disruption to global supply chains. At the same time, Bitcoin's resilience compared to the rest of the cryptocurrency market may indicate its growing status as ?digital gold? in times of economic uncertainty. We will continue to monitor developments and their impact on the technology industry.
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