Bitcoin (BTC) Why Did It Drop Again Today? Here is the Reason for the BTC Price Drop!

The world’s largest cryptocurrency Bitcoin experienced another sudden get dumped today after yesterday’s recovery.

Get dumped, in an environment where the U.S. stock indices experienced sudden declines and gold reached an all-time high price level in dollar terms.

Cryptocurrency followers are curious about the reason for this time’s Bitcoin drop. Today, around (UTC+3), White House officials released a statement announcing that the customs duties to be applied to China will actually be 145% instead of 125%. The increased customs duties between the two countries, retaliatory in nature, led to this drop.

Yesterday, U.S. President Donald Trump stated in his announcement that the customs duties imposed on China would not be increased further, as there was no need for it. However, he mentioned that, with some exceptions, the increase in customs duties applied to all other countries has been suspended for 90 days and would continue at a basic rate of 10%.

The price of Bitcoin, which has been hovering around $82,000 during the day, has lost approximately 3% in value following the development that reignited the trade war between the US and China, and is currently trading around $79,000.

On the altcoin side, the price of Ethereum has once again fallen below 1,500 dollars and is trading at 1,497 dollars at the time this article was written.