Bitcoin falls below $78,000 as trade war chaos hits the crypto market
The second-leading token, Ether, has fared even worse since Trump announced sweeping new tariffs last week
Donald Trump’s trade-war fallout has lobbed about $4,553, or 5.5%, off the price of Bitcoin so far, as markets swing aggressively and billionaires call on the president to pause his tariffs.
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Bitcoin slipped below $77,900 midday on Monday, down from $82,400 on Thursday. (Trump formally announced his “reciprocal tariffs” on Wednesday after market close.) Relative to major indices, the price of the leading cryptocurrency had held relatively steady until Sunday as global markets plunged.
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The second-leading token, Ether, has fared even worse since Trump’s tariffs announcements last week — plummeting about 13.7% since Thursday to $1,545.77. Over the same period, Ripple’s cryptocurrency XRP fell about 7.7% to $1.86.
So far, the crypto market’s reaction reflects the extent to which the price dips of leading tokens are linked to bad global markets news.
As for where the two overlap: Coinbase (COIN) and MicroStrategy (MSTR) fell 4% and 10.9%, respectively, midday Monday. Likewise, Bitcoin mining stocks sank more than 10% on Monday as the hashprice — a measure of mining revenue — fell to $42.40, per CoinDesk.
Since the beginning of the year, Bitcoin and Ether have fallen roughly 16.7% and 20%, respectively.