Bitcoin Plunges Below $75K Amid Global Market Turmoil Triggered by Tariff Shock

Global markets are in turmoil as Bitcoin plunges below the $75,000 mark due to tariff shocks.

On April 7th, the price of Bitcoin fell below $75K due to a policy announcement causing global market sell-offs. The introduction of tariffs by former U.S President Donald Trump created turmoil in both the cryptocurrency and traditional markets. This led to a surge in panic-driven trading activities in Asia and Europe.

The value of the currency decreased by 12%, dropping to $74,604 in a day and then stabilizing around $73,793, with some support being found at that level. This represents a decline of 30% from its peak of $108,786 reached three months ago. Bitcoin’s total market worth dropped by $67 billion. Settled at $1.48 trillion.

The retreat was not an incident as stock market indicators in Asia all dropped simultaneously. The Nikke Index dropped by 7.8% at the market’s close today. The Shanghai Composite index experienced a decline of than 7.3%. South Korea’s KOSPI experienced a decline of 8.8% today. The Hang Seng Index in Hong Kong experienced a drop of 13,74%. Taiwan’s stock market index, the Taiex, experienced a decline of 9.7%.

When the market became unstable suddenly and sharply increased in volatility levels, recently trading was temporarily stopped on stock exchanges due to circuit breakers being triggered.

Bitcoin took a downturn to gold. Falling by more than 4% to $3,030 from its peak at $3,176. This raises doubts about the common belief that cryptocurrencies serve as a safe haven in times of global instability. This time around, digital assets were affected, too. The overall value of the cryptocurrency market decreased by more than 12%, now standing at approximately $2.4 trillion, according to CoinGecko.

What can be learned from this situation is that even top-tier assets such as Bitcoin are influenced by trends and shifts in market sentiment that can occur rapidly due to changing global policies. Dealing with cryptocurrencies requires vigilance towards these factors in addition to monitoring price fluctuations.