💥Trump also shook up the crypto market
U.S. President Donald Trump's initiation of the trade war also hit the crypto market.
Bitcoin tested the critical threshold of $75,000.
The crypto asset market entered the new week with a hurricane.
For the first time since November 7, Bitcoin tested below $75,000. The second largest asset in the market, Ether, also pulled towards the $1,400 level.
BTC Markets' financial director and crypto analyst Charlie Sherry stated in a research note, "For a moment, it seemed like crypto could remain stable, but due to the 24/7 nature of crypto markets, investors woke up in full 'sell mode' on Sunday."
Tariffs have also led to rising recession concerns in the U.S. JPMorgan chief economist Michael Feroli expressed in a note shared with the bank's clients on Friday that they expect the U.S. economy to enter recession this year due to the impact of the announced tariffs.
In the note, it was stated, "We now expect the real gross domestic product, which we previously anticipated to grow by 1.3% annually in the last quarter, to contract by 0.3%." Feroli predicted that despite the increase in inflation, due to weakness in the labor market, the Fed would begin to lower interest rates in June. U.S. growth forecasts were downgraded to 0.1% by Citi economists and to 0.4% by UBS economists.
