Bitcoin Dips Below $75K As Markets Tremble: What’s Going On?
Bitcoin prices fell below $75,000 on April 7, marking a 6% decline in 24 hours due to escalating US-China trade tensions. The trade war, intensified by tariff hikes from the US and countermeasures from China, caused significant market turmoil, with Wall Street experiencing its worst drop since the COVID-19 pandemic. The S&P 500 fell 6%, the Dow Jones by 5.5%, and the Nasdaq by 5.8%. Other cryptocurrencies suffered greater losses, with Ethereum dropping 13% and altcoins like SOL and DOGE losing over 10%. The global cryptocurrency market capitalization is at $2.62 trillion, with Bitcoin's trading volume rising to $26 billion. Market sentiment is weak, indicated by the Fear and Greed Index nearing "Extreme Fear." Bitcoin faces a critical test to reclaim the $80,000 level or risk retesting its prior all-time high of $74,000.
