Bitcoin Dips Below $78,000 As Tariff Fears Trigger Market Volatility
Bitcoin (BTC) has dropped to $77,840, marking a 6% decline and a 28% decrease from its all-time high of $109,000 in January. This decline follows significant volatility in US equities, attributed to President Trump's announcement of global tariffs, which has raised fears of a potential trade war. The tariffs have led to over $247 million in Bitcoin liquidations within 24 hours, with Ethereum (ETH) experiencing $217 million in similar liquidations. Other cryptocurrencies, like Solana (SOL), have also seen declines, with SOL down approximately 12%. The S&P Global Broad Market Index lost $7.46 trillion in market value, with the U.S. stock market alone shedding $5.87 trillion. Analysts predict Bitcoin will continue to correlate with equities amid fears of a global recession, complicating the outlook for cryptocurrencies that were expected to benefit from regulatory developments this year.
