Bitcoin Dips Below $75K as Market Turmoil Spreads Globally
Amid a storm of global financial unrest, Bitcoin has plunged sharply below the $75,000 threshold, marking one of its steepest drops this quarter. This comes after a series of circuit breaker events in Asia and Europe, triggered by fears following former U.S. President Donald Trump’s new tariffs.
Bitcoin Suffers 12% Daily Drop
Over the past 24 hours, Bitcoin has declined by as much as 12%, hitting a daily low of $74,604, according to crypto.news.
- This fall places Bitcoin at around 30% below its all-time high of $108,786, which it reached just three months ago.
- At the time of writing, Bitcoin has managed only a modest recovery to $73,793, still failing to reclaim the $75,000 mark.
The market cap of the leading cryptocurrency also took a hit.
- With an 8% reduction, Bitcoin lost approximately $67 billion, bringing its market valuation to $1.48 trillion.
Global Financial Shockwaves Hit Crypto
The plunge in Bitcoin’s price coincides with massive sell-offs in global markets following Trump’s tariff declaration.
- Asian and European indices dropped rapidly, prompting circuit breaker activations.
- Analysts are pointing to a rising fear of a global recession, amplifying the risk-off sentiment in all asset classes.
Asian markets suffered particularly severe blows on April 7:
- Japan’s Nikkei 225 closed 7.8% lower, while the broader Topix dropped 7.7%.
- China’s Shanghai Composite Index also fell over 7.3%, wiping out weeks of gains.
South Korea’s KOSPI index recorded its worst session since 2008, prompting its first circuit breaker activation in four years.
- The exchange closed 8.8% down, with tech stocks leading the sell-off.
- Hong Kong’s Hang Seng Index plunged 13.74%, a sharper drop than even China’s mainland markets.
- Taiwan’s Taiex followed suit with a 9.7% decrease, signaling widespread panic.
Crypto Fails as a Safe Haven
Unlike past corrections, this time Bitcoin and gold—often considered safe havens—did not provide shelter.
- Gold slumped by over 4%, falling to $3,030 from its recent ATH of $3,176.
- Bitcoin’s parallel fall suggests that in extreme economic uncertainty, even alternative assets aren’t immune.
The overall crypto market cap mirrored the traditional financial chaos.
- According to CoinGecko, the total crypto market value has dropped by over 12%, now standing at $2.4 trillion.
Is This the Start of a Broader Downtrend?
With traditional and digital assets both under pressure, traders are questioning whether this is a short-term correction or the start of a broader bearish phase.
- The drop in Bitcoin and other cryptos reflects more than just market sentiment—it’s now tied deeply to geopolitical and macroeconomic developments.
As more investors seek clarity on monetary policy and trade decisions, the volatility in both equities and crypto markets may persist.
- Meanwhile, Bitcoin remains volatile, its next move tied closely to global stability and investor confidence.
