Crypto markets slumped on Monday morning, with seven of the top ten cryptocurrencies in the red, including bitcoin.
Market Dip Drags Bitcoin Under $94K While Equities Hold Steady
Bitcoin (BTC) fell to $94K on Monday morning as crypto markets tumbled 1.06% to a market capitalization of $2.93 trillion, according to data from Coinmarketcap. Stocks traded mostly sideways with the major indices barely budging, although gold climbed 2.38% to $3,320.60 per ounce at the time of reporting.
The cryptocurrency’s pullback, comes in the wake of last week’s rally that saw BTC surge all the way to $97,905.90 on Friday after the U.S. Department of Labor published stronger-than-expected April employment data.
President Donald Trump’s unprecedented tariff polices have sowed chaos, leading to economic uncertainty and triggering a flight to non-U.S. assets as investors seek the stability of safe-haven stores of value such as gold and bitcoin. And although BTC is down roughly 1.5% today, it still accounts for nearly 65% of the entire crypto market.
The drop in the cryptocurrency’s price is almost certainly temporary. Michael Saylor, chairman of bitcoin treasury firm Strategy, announced on Monday, a 1,895 BTC purchase for approximately $180.3 million, bringing the firm’s total holdings to 555,450 BTC. The move suggests Saylor views bitcoin’s pullback as a buying opportunity rather than an indication of the digital asset’s weakness.
