Cryptocurrencies join global market turmoil – Bitcoin suffers biggest losses overnight!
Bitcoin fell below $78,000 as investors braced for more volatility in financial markets after US stocks suffered their worst drop since 2020, with President Donald Trump imposing restrictive global tariffs.
Bitcoin's price was last down 6% at $77,730.03, according to Coin Metrics, after trading above $80,000 for most of this year, barring a few brief dips below it due to recent volatility. It is 28% off its January high.
The leading cryptocurrency is typically traded as a major tech stock and is often seen by traders as a leading indicator of market sentiment, but last week it bucked the broader market decline by holding between $82,000 and $83,000 and rising to end the week as stocks fell and even gold fell.
Other cryptocurrencies suffered bigger losses overnight. Ether and the Solana-related token fell by about 12% each.
Bitcoin’s downward movement triggered a wave of long liquidations, as traders betting on a rise in its price were forced to sell their assets to cover their losses. In the past 24 hours, bitcoin has seen more than $247 million in long liquidations, according to CoinGlass. Ether saw $217 million in long liquidations in the same period.
Bitcoin is mostly trading above $80,000 in 2025
Shocked investors dumped their holdings of the 24-hour cryptocurrency over the weekend as they expected further carnage as Trump's retaliatory tariffs raised fears of a global recession and caused investors to sell off all risk.
The tariffs on all imports, in addition to tariffs on major trading partners, have raised concerns about a global trade war that could tip the U.S. into a recession. Growing concerns about the broader impact of the tariffs have rattled markets around the world.
In the two sessions following the tariff announcement, global stocks wiped out $7.46 trillion in market value based on the market cap of the S&P Broad Market Index, according to S&P Dow Jones Indices.
This figure includes $5.87 trillion lost in the US stock market during these two sessions and another $1.59 trillion in market value losses in other major global markets.
Bitcoin is down 15% in 2025 and, absent a crypto-specific catalyst, is expected to continue moving along with stocks as fears of a global recession overshadow any regulatory windfall crypto was expected to benefit from this year.
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