2025-04-07T17:17:39+00:00
Shafaq News/ Bitcoin and other cryptocurrencies
fell sharply on Monday as investors reacted to heightened global trade tensions
following new US tariff announcements.
Bitcoin dropped as much as 7% overnight to
$77,077, its lowest since mid-March, while Ether declined to $1,538, a level
last seen in October 2023, according to Bloomberg News. The selloff followed a
weekend of rising volatility across markets amid continued uncertainty over
U.S. trade policy.
The declines came as US equity-index futures
slipped and the yen strengthened, indicating broader investor caution. The
latest pullback adds to losses from last week after Washington introduced fresh
tariffs targeting several countries.
About $745 million in long crypto positions were
liquidated over the past 24 hours, data from CoinGlass showed — the highest
daily total in nearly six weeks.
“Macro is driving the action right now,” said
Cosmo Jiang, general partner at crypto investment firm Pantera Capital. “The
tariff-driven pullback is idiosyncratic and not because of deeper issues in our
economy.”
Markets have been closely watching for further
developments as President Donald Trump maintains a firm stance on trade, with
investors bracing for additional volatility. Some analysts say the crypto
market, which had rallied following Trump’s pro-crypto comments during his
election campaign, could face more pressure if uncertainty persists.
Broader market indicators also pointed to
investor caution. All categories tracked in PYMNTS’ CE 100 Index declined last
week, with banking stocks down nearly 16% and payments companies losing 11%,
the firm said.
Analysts warned that continued pressure on
equities, combined with signs of cooling in the U.S. labour market, could weigh
further on risk appetite.
