Markets tumbled on Monday after President Donald Trump dropped a bombshell—announcing sweeping new global tariffs. China wasted no time in hitting back, imposing a steep 34% duty on all U.S. imports starting April 10. The fast-escalating trade war has spooked investors and sent shockwaves through global markets.
But it’s not just stocks feeling the heat.
Let’s understand.
Just a day ago, Bitcoin seemed to be breaking away from the stock market, acting more like a safe haven. But that view was short-lived. After Trump’s announcement, Bitcoin plunged over 10%, falling below $78,000.
This drop comes despite Trump’s pro-crypto stance, including the appointment of crypto-friendly regulators and support for digital assets. Still, the growing economic uncertainty is shaking investor confidence, and many are now rethinking their positions as the impact of tariffs begins to hit the crypto space.
It’s a bloodbath out there!
Bitcoin, Ethereum, Solana, and Dogecoin are all deep in the red, with losses between 6% and 16%. More than $900 million has been liquidated across the crypto market. This sharp sell-off has led some analysts to question Bitcoin’s image as “digital gold” and a safe haven during global turmoil.
Bitcoin is down 6.9% in the past 24 hours and is currently sitting near a key support level at $77,500. Trading volume has surged 220%, reaching over $44 billion. According to Coinglass, Bitcoin liquidations have hit $322 million in the last day. Analysts warn that if BTC drops below $77,500, it could trigger a deeper correction.
Altcoins are taking even heavier losses:
The altcoin market is clearly under heavy pressure as confidence fades.
CryptoQuant CEO Ki Young Ju recently posted on X that the bull market could be ending. He pointed to on-chain data showing a rising Realized Cap and a flat market cap—signs that bearish sentiment is taking over. Ju believes this downturn could last up to six months, lowering expectations for a fast recovery.
All Hope Is Not Lost
Despite the sharp drop in prices, many long-term investors are staying calm. Bitwise CEO Hunter Horsley said that as trust between countries weakens and global trade becomes more difficult, Bitcoin’s value as a neutral, decentralized, and borderless asset becomes even more important. He believes Bitcoin’s role in the world has never been more meaningful.
Safe haven or not, Bitcoin just got a harsh lesson in geopolitics and it’s one the market won’t forget anytime soon.
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