Crypto market sell-off triggered by Trump’s tariffs
Bitcoin has experienced a significant drop of 10%, as the overall market has seen a decline exceeding $1.
TroibNews 
Bitcoin has experienced a significant drop of 10%, alongside a broader market that has seen more than $1.38 billion in liquidations.
The price of Bitcoin has fallen below $75,000 for the first time in five months, as investors prepared for potential financial market instability following the implementation of sweeping global tariffs by US President Donald Trump. Many of the top 100 altcoins have also suffered, with values decreasing by approximately 15% or more amid the steepest decline in US equities since 2020.
The Trump administration implemented a universal 10% tariff on all nations starting April 5, with certain countries facing higher rates—China at 34%, the EU at 20%, and Japan at 24%. These measures have heightened concerns about a global trade war, which could lead to an economic recession in the United States.
Over the weekend, Bitcoin's price dropped below a crucial technical level between $79,000 and $80,000. It further dipped below $75,000 on Monday, eventually settling at $76,000 after touching nearly $90,000 just a week prior. Ethereum decreased by 14.19% to $1,551.52, while XRP fell by 14.52% to $1.81. Binance Coin declined by 6.51%, and Solana experienced a drop of 13.96%.
Bitcoin's decline triggered a series of long liquidations, forcing traders who had anticipated rising prices to sell off their positions to manage escalating losses. In the last 24 hours, Bitcoin saw over $247 million in long liquidations, as reported by CoinGlass, with Ether closely following at $217 million in liquidated long positions during the same timeframe.
Overall, the cryptocurrency market recorded upwards of $1.38 billion in liquidations, primarily from long positions. Around $1.21 billion was wiped out from traders betting on price increases, according to CoinGlass.
Growing concerns about the tariffs' widespread ramifications sent shockwaves through global markets. European stock markets fell on Monday morning, continuing a global selloff that had already unsettled Asian markets.
“There is a lot of noise at the moment,” commented Geoff Kendrick, head of digital assets research at Standard Chartered.
“I think Bitcoin will become a hedge against tariff risks this time around. US isolationism is akin to increased risks of holding fiat, which will ultimately benefit Bitcoin,” he added.
In defense of the tariffs, Trump stated on Sunday that they were essential for addressing trade deficits with China, the EU, and others. He acknowledged the market downturn and expressed that while he was aware of the decline and did not wish to see values go down, he had no plans to ease the tariffs.
Anna Muller contributed to this article for TROIB News
The price of Bitcoin has fallen below $75,000 for the first time in five months, as investors prepared for potential financial market instability following the implementation of sweeping global tariffs by US President Donald Trump. Many of the top 100 altcoins have also suffered, with values decreasing by approximately 15% or more amid the steepest decline in US equities since 2020.
The Trump administration implemented a universal 10% tariff on all nations starting April 5, with certain countries facing higher rates—China at 34%, the EU at 20%, and Japan at 24%. These measures have heightened concerns about a global trade war, which could lead to an economic recession in the United States.
Over the weekend, Bitcoin's price dropped below a crucial technical level between $79,000 and $80,000. It further dipped below $75,000 on Monday, eventually settling at $76,000 after touching nearly $90,000 just a week prior. Ethereum decreased by 14.19% to $1,551.52, while XRP fell by 14.52% to $1.81. Binance Coin declined by 6.51%, and Solana experienced a drop of 13.96%.
Bitcoin's decline triggered a series of long liquidations, forcing traders who had anticipated rising prices to sell off their positions to manage escalating losses. In the last 24 hours, Bitcoin saw over $247 million in long liquidations, as reported by CoinGlass, with Ether closely following at $217 million in liquidated long positions during the same timeframe.
Overall, the cryptocurrency market recorded upwards of $1.38 billion in liquidations, primarily from long positions. Around $1.21 billion was wiped out from traders betting on price increases, according to CoinGlass.
Growing concerns about the tariffs' widespread ramifications sent shockwaves through global markets. European stock markets fell on Monday morning, continuing a global selloff that had already unsettled Asian markets.
“There is a lot of noise at the moment,” commented Geoff Kendrick, head of digital assets research at Standard Chartered.
“I think Bitcoin will become a hedge against tariff risks this time around. US isolationism is akin to increased risks of holding fiat, which will ultimately benefit Bitcoin,” he added.
In defense of the tariffs, Trump stated on Sunday that they were essential for addressing trade deficits with China, the EU, and others. He acknowledged the market downturn and expressed that while he was aware of the decline and did not wish to see values go down, he had no plans to ease the tariffs.
Anna Muller contributed to this article for TROIB News
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