Bitcoin has dropped by as much as 12% in the last 24 hours, dipping below the $75,000 mark following a significant downturn in Asian and European markets due to Trump’s announcement on tariffs.
Recent data indicates that Bitcoin (BTC) has fallen as low as $74,604 within the past day. As the largest cryptocurrency by market capitalization, it has seen its value decline nearly 30% from its peak price of $108,786, which was reached just three months ago.
At the time of reporting, Bitcoin has made a slight recovery to $73,793 but has yet to regain its footing above $75,000. Its market capitalization has taken a hit as well, dropping by close to 8% and resulting in a loss of about $67 billion. Bitcoin’s current market cap is approximately $1.48 trillion.
This sharp downturn follows alarming drops in major stocks across Asian, European, and American markets after President Donald Trump’s tariff announcements. The Asian markets, in particular, are facing the worst two-day decline for Wall Street stocks in five years.
On April 7, Japan’s primary index, the Nikkei 225, declined by 7.8% compared to the previous day, while the Topix exchange fell by 7.7%. Additionally, China’s Shanghai Composite Index ended more than 7.3% lower.
South Korea’s stock market recorded its worst trading session since the 2008 financial crisis. The exchange implemented trading curbs for the first time in four years as a result of a sharp decline in tech stocks, with the KOSPI index closing down by 8.8% from the previous session.
Meanwhile, Hong Kong’s Hang Seng Index plummeted by 13.74%, experiencing a more drastic fall compared to mainland China. Additionally, Taiwan’s Taiex closed 9.7% lower than the prior trading session.
As the traditional markets confront declines fueled by recession fears, alternative assets appear to be struggling as well. Contrary to earlier expectations, traditionally safe assets like gold and Bitcoin have also experienced significant losses. Gold has dropped more than 4% to around $3,030, despite recently reaching an all-time high of $3,176 earlier this month.
Indeed, the cryptocurrency market has reflected the negative mood permeating traditional global markets. Recent data indicates that the overall crypto market cap has decreased by over 12%, now totaling $2.4 trillion in the last 24 hours.