Last week, the terms “decoupling” and “safe haven” started popping up as bitcoin (BTC) managed to maintain its value amid the ongoing downturn in stock markets, which were reacting to President Trump’s significant tariffs on U.S. trading allies.
However, supporters of bitcoin might have jumped the gun a bit.
With stock markets closed over the weekend, anxious investors seem to be shifting their focus to the around-the-clock crypto market to bet against the trend. On Sunday afternoon, bitcoin is trading slightly over $79,000, a decline of 5% from 24 hours prior.
Other major cryptocurrencies are experiencing even bigger drops, with ether (ETH) down 11% to $1,590 and solana (SOL) falling by 10% to $107.
The phrase “Black Monday” is trending on X, referring to the infamous October 19, 1987, when the Dow Jones Industrial Average plummeted nearly 25% in just one day. That crash was sparked by the potential threat of a currency war from then Secretary of Treasury James Baker.
Stock index futures are set to begin trading at 10 pm UTC.