Bitcoin (BTC) plunged below the critical $75,000 support level on Monday as global markets reeled from President Trump’s aggressive new tariff policies. The leading cryptocurrency dropped 10% in 24 hours amid a broader market selloff that saw Asian stocks experience their worst decline since the 1997 financial crisis.
The dramatic market moves come as Trump’s announcement of sweeping new tariffs triggered a wave of panic selling across all asset classes. Hong Kong’s Hang Seng index crashed 14%, while major cryptocurrencies faced severe pressure.
Market Impact Breakdown
- Bitcoin (BTC): Down 10% to $75,000
- Ethereum (ETH): Plunged 22% to $1,514
- XRP: Crashed over 20%
- Solana (SOL): Dropped more than 20%
- Bitcoin Dominance: Rose to 63%, highest since 2021
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Global Market Turmoil
The selloff intensified after China announced retaliatory 34% tariffs on all U.S. goods. Traditional safe-haven assets like U.S. Treasury bonds saw increased demand, with the 10-year yield dropping 3 basis points to 4%.
Expert Analysis
Bill Ackman urged for a 90-day pause on tariffs to prevent what he called a “self-induced economic nuclear winter.” Meanwhile, Goldman Sachs raised its recession probability to 45% and brought forward its Fed rate cut expectations.
What’s Next for Bitcoin?
Key support levels to watch:
- $72,000: Previous resistance turned support
- $70,000: Psychological level
- $65,000: 2021 all-time high
FAQ
Q: Why is Bitcoin falling with stocks?
A: The correlation between Bitcoin and traditional markets often increases during periods of macro uncertainty and risk-off sentiment.
Q: Could this trigger a crypto bear market?
A: While significant, Bitcoin’s 63% market dominance suggests potential rotation rather than complete market exodus.
Q: What are the key levels to watch?
A: The $70,000 psychological level and previous ATH at $65,000 represent crucial support zones.