Crypto Market Crash: Bitcoin Below $75K
Crypto Market Plunges on Trump Tariff Concerns
Bitcoin (BTC) fell below $75,000 early Monday, its lowest point since November, as the broader cryptocurrency market experienced a sharp downturn. Major altcoins like Ether (ETH), XRP, and Solana (SOL) suffered double-digit percentage losses, fueling concerns ahead of the US market opening.
Key Market Impacts
- Bitcoin's drop: BTC fell below its November low, reflecting widespread market anxiety.
- Altcoin declines: Ether plummeted 17%, XRP dropped 16%, and Solana also fell 16%. Cardano (ADA) experienced a 15% decrease.
- Market capitalization loss: The total cryptocurrency market cap shrank by over 10%, representing a loss of approximately $100 billion in just 10 hours.
- Liquidations: A significant Ethereum whale liquidation exceeding $100 million resulted from the ETH price crash.
The selloff appears correlated with sharp declines in Asian stock markets following the announcement of President Trump's new global tariff policies. Taiwan's benchmark index saw its largest single-day drop since 1990, falling nearly 10%. Major Taiwanese companies like TSMC and Foxconn experienced similar drops, prompting temporary short-selling restrictions.
The negative impact spread across Asia, with Japan's Nikkei, Hong Kong's Hang Seng, and China's CSI 300 indices all experiencing significant declines. South Korea's Kospi and Singapore's Straits Times Index also fell sharply.
Australia and New Zealand also felt the effects, with the ASX 200 and NZX 50 dropping 6.3% and 3.5% respectively. This significant market volatility underscores the interconnectedness of global financial markets and the sensitivity of the crypto market to broader economic events.
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