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Bitcoin Is Crashing Hard
The global financial crisis spurred on by president Donald Trump's ill-founded tariffs has finally reached Bitcoin, and boy is it crashing hard. Over the weekend, Bitcoin fell from nearly $85,000 per token to roughly $77,000 — a four percent dropoff that reflects how poorly things have gone in the few days since Trump's reciprocal tariff announcement began wreaking havoc on the world's economy. Unlike the stock market, cryptocurrencies trade 24 hours a day and seven days a week. As such, investors were able to see in real-time how poorly their coins were doing and sell them off accordingly. As CNBC and […]
Crash and Burn
The global financial crisis spurred on by president Donald Trump's ill-founded tariffs has reached Bitcoin, and it's crashing hard.
During the salad days after the election and into Trump's early days as president, the digital currency was soaring over $100,000. But the economic uncertainty of Trump's trade war has eviscerated it; over the weekend, Bitcoin fell from around $86,000 per token on Friday to roughly $75,000 by the time markets opened Monday morning before rebounding to around $78,000 — a steep drop that reflects how poorly things have gone in the few days since Trump's reciprocal tariff announcement began wreaking havoc on the world's economy.
Trump had leaned hard into crypto during his last campaign, so the blockchain crowd was hoping he'd preside over boom times. But by the end of this weekend — and the start of what analysts are now calling "Black Monday" — it seemed that the digital currency's big dreams had gone bust.
Fire Sale
Unlike the stock market, cryptocurrencies trade 24 hours a day and seven days a week. As such, investors were able to see in real-time how poorly their coins were doing and sell them off accordingly.
Trump's tariffs have triggered billions of dollars in liquidations across cryptocurrencies. In 24 hours, investors withdrew a whopping $401 million in Bitcoin and more than $340 million worth of Ethereum, per analysis from the blockchain site Coinglass.
How low it goes — or whether the market recovers — is anyone's guess.
"Bitcoin has recently lost the key $79,000 to $80,000 support level, which it had managed to hold for the past month," explained BTC Markets analyst Charlie Sherry in emailed comments to investors, per Forbes. "This support level had marked the bottom of the range after the all-time-high pullback. The next key support lies around $72,000, which was the pre-election high."
Sherry added in his email that if the president or the Federal Reserve issue an "emergency intervention," the currency could bounce back to its post-election high. With Trump gunning for the Fed to cut interest rates, hope just may spring eternal.
More on tariffs: You’ll Never Guess What Happened to Trump’s Meme Coin After He Announced His Tariffs
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