$BTC

The price of Bitcoin has taken a significant hit, dropping below $75,000 after Trump imposed a 104% tariff on China. This move has caused panic in global markets, resulting in one of the largest single-day declines in the S&P 500 index since the 2008 crash. Risk assets like cryptocurrencies have seen substantial drops, with liquidations exceeding $390 million and massive outflows from Bitcoin ETFs. BlackRock's ETF alone sold off 3,296 Bitcoins. Analysts are now concerned that broader recessionary pressures are intensifying, and the pressure on the Federal Reserve to take action is also rising. With global uncertainty escalating, this could be a crucial week for Bitcoin forecasts and hopes for market recovery.