Bitcoin fell by around 7% on Sunday as global financial markets remained unstable following US President Donald Trump’s tariff announcements. According to CoinMarketCap, Bitcoin fell to about $77,500 in 24 hours after mostly staying above $80,000 this year.
Other major cryptocurrencies also experienced bigger declines. Ethereum and Solana both dropped around 12 per cent during the same time. The overall cryptocurrency market saw a 7 per cent drop.
Bitcoin has now lost around 28% of its value since reaching its all-time high of approximately $110,000 in January.
The crypto market has surged recently, adding over half a trillion dollars in value after Trump announced a new strategic reserve last month. However, the upward trend shifted last week when the president said he would stick with his strict tariff policies. This has created worries about economic instability, especially in the United States.
Read more: Bitcoin Price Hits $100,000 for the First Time
The decline in crypto prices caused a wave of liquidations, with Bitcoin alone seeing $250 million in long liquidations in just one day, according to CoinGlass.
Investors are concerned about more market ups and downs as Trump’s tariff strategy has raised fears of a potential recession in the US. On Sunday, the Dow Jones Industrial Average futures fell over 4 per cent, S&P 500 futures dropped nearly 5%, and Nasdaq 100 futures declined by 5.3%.
Analysts at JPMorgan raised the chance of a US recession to 60% after Trump announced at least 10% blanket tariffs on nearly all countries. In response, China imposed a 34% tariff on American goods.
Defending his decision, Trump said on his platform, Truth Social: “We have massive financial deficits with China and the EU and many others. The only way this problem can be cured is with tariffs, which are now bringing tens of billions of dollars into the US. They are already in effect and a beautiful thing to behold.”
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