The value of Bitcoin has sharply declined by over 12% in recent hours, dropping to $74,604, breaking the $75,000 barrier for the first time in months. This violent drop comes amid a wave of turmoil hitting global markets following the announcement by former U.S. President Donald Trump of new tariffs.

Bitcoin has lost about 30% of its value compared to its all-time high three months ago, causing its market value to decrease by more than $67 billion.

Simultaneously, Asian and European markets have experienced unprecedented declines, amid rising concerns of a global economic recession, as even safe assets like gold have not escaped the wave of losses.