#BTCBelow80K Bitcoin falls below $80K after brief resilience amid Trump tariff jitters
Leon Okwatch
By Leon Okwatch
7 Apr 2025 at 05:00 GMT
Ankish Jain
Edited by Ankish Jain
NEWS
Bitcoin falls below $80K after brief resilience amid Trump tariff jitters
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Bitcoin fell sharply on April 7, dropping nearly 7% to a three-week low of $77,077.
The decline occurred days after U.S. President Donald Trump announced massive new import tariffs, which sparked concerns about a new trade war and a slowdown in the world economy. The crypto market initially showed some resilience last week, with traders speculating that Bitcoin might act as a “safe haven” as tech stocks slumped. But by Sunday night on Apr. 6, that narrative had flipped.
As U.S. stock futures opened in early Asia hours, markets turned red. The Nasdaq 100 contracts fell 5% and both the S&P 500 and Dow Jones futures each dropped more than 4%. Japan’s Nikkei 225 sank 6%, Australia’s ASX 200 fell 5%, and South Korea’s Kospi dropped 4.4%, as per Yahoo Finance data.
Bitcoin followed, crashing alongside the stock markets. According to Coinglass data, nearly $778 million in long crypto positions have been liquidated in the past 24 hours, marking the largest wipeout in nearly six weeks. Other major crypto assets also suffered, with Solana Solana
-13.11%
Solana plunging to as low as $107 and Ethereun Ethereum
-15.07%
Ethereum falling to $1,538, its lowest since October 2023.
