Why Did Bitcoin (BTC) Drop Again Today? Here is the Reason Behind the BTC Price Plunge

Bitcoin, the world's largest cryptocurrency, experienced a sudden decline again today after yesterday's recovery.

The decline occurred amid sharp declines in U.S. stock indices and an all-time high in dollar terms for gold.

Cryptocurrency followers are wondering why Bitcoin has fallen this time. Today around Turkey time (UTC+3), White House officials released a statement and announced that the customs duties to be applied to China will actually be 145%, not 125%. The customs duties that have been increased between the two countries as a reciprocal response have brought about this decline.

Yesterday, US President Donald Trump said in a statement that the customs duties applied to China would not be increased any further because there was no need for it. However, he announced that the customs duty increases applied to all other countries, with some exceptions, were suspended for 90 days and would continue at a base rate of 10%.

Bitcoin price, which was around $82,000 during the day, lost approximately 3% of its value following the development that reignited the trade war between the US and China, and is traded around $79,000 at the time of writing.

On the altcoin side, Ethereum price has dropped below $1,500 again and is trading at $1,497 at the time of writing.

*This is not investment advice.