Bitcoin price today: slides to $115.9k on tariff jitters, profit-taking

Investing.com-- Bitcoin slid on Friday, rounding out a week of declines as crypto markets were hit by profit-taking amid increased concerns over U.S. trade tariffs and interest rates.

Moreover, U.S. job growth in July came in below expectations, while the unemployment rate rose, signaling possible strain in the labor market. 

Bitcoin fell 2.4% to $115,890 by 09:22 ET (13:22 GMT). The world’s biggest crypto was set to lose about 3% this week, as it struggled to make headway after racing to record highs in mid-July.

A major Bitcoin purchase by top corporate holder Strategy (NASDAQ:MSTR) did little to stimulate prices this week. The company also clocked stronger than expected earnings for the June quarter, although its shares showed little reaction to the news. 

Bitcoin falls as tariff concerns hit risk appetite 

Bitcoin’s Friday losses came after U.S. President Donald Trump on Thursday signed an order outlining trade tariffs against a slew of U.S. trading partners. The duties will take effect in seven days, slightly later than Trump’s August 1 deadline.

But markets were still seeking more clarity on the coming levies, especially given that Washington struck several last-minute trade deals with major global economies. 

Trump’s tariffs have been cited as a major source of uncertainty for the Federal Reserve, which signaled earlier this week that it will keep interest rates unchanged until the inflationary effects of the tariffs become clear.

The Fed’s comments also weighed on risk appetite this week, in turn pressuring crypto markets. 

While trade tariffs do not directly affect crypto, their effect on market sentiment factors into speculative assets such as Bitcoin. 

Higher for longer interest rates, however, present some direct pressure on Bitcoin, given that they tend to diminish the appeal of high-risk, speculative assets. 

Job growth was slow in July, signaling labor market risks

U.S. job creation slowed in July, falling short of expectations and pointing to potential cracks in the labor market.

Nonfarm payrolls increased by 73,000 during the month, a modest pickup from June’s revised figure of 14,000 but still well below the anticipated 100,000 gain, according to Dow Jones estimates.

Adding to the weaker tone, employment data for both May and June were revised significantly downward, with a combined reduction of 258,000 jobs from prior reports.

Meanwhile, the unemployment rate edged up to 4.2%, matching forecasts. The revised data showed June’s job growth was lowered from 147,000 to 14,000, and May’s figure was cut from 144,000 to just 19,000.

The soft jobs data and sharp downward revisions may prompt the Federal Reserve to consider a rate cut at its September meeting. After the data release, futures traders increased the likelihood of a cut to 63%, up from 40% the previous day.

Crypto price today: altcoins track Bitcoin’s pullback 

Broader crypto prices largely retreated on Friday, and were headed for steep weekly losses amid profit-taking and cooling risk appetite. 

Among altcoins, world no.2 crypto Ether fell 4% to $3,654, and was down 4% this week.

XRP fell 3.4% to around $3, and was nursing a 4% loss this week.

Solana and Cardano fell nearly 5% apiece, and were down roughly 5% each this week. 

Among memecoins, Dogecoin slid 5%, while $TRUMP fell 3.8%. 

(Additional reporting by Vahid Karaahmetovic.)