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Bitcoin dips below $78K as global markets enter panic mode
Bitcoin slides alongside global equities as sweeping tariffs from the U.S. ignite risk-off sentiment across financial markets. Crypto loses over $160 billion in market cap amid inflation fears and safe-haven flows.
Bitcoin fell below $78,000 as Trump’s new tariffs triggered panic across global markets.
Over $160 billion was wiped from crypto’s market cap amid broad-based risk-off sentiment.
Major cryptocurrency prices (as of April 9, 2025)
- Bitcoin (BTC): $77,431.00 ↓ 2.03%
- Ethereum (ETH): $1,478.65 ↓ 5.76%
- Solana (SOL): $106.60 ↓ 1.72%
- Cardano (ADA): $0.5697 ↓ 2.44%
- XRP: $1.82 ↓ 3.19%
- Dogecoin (DOGE): $0.1464 ↓ 2.95%
Global trade tensions grip markets
Markets woke up to fresh turmoil today as President Donald Trump’s sweeping tariffs officially took effect, marking the largest trade policy shift in decades. China bore the brunt of the move, facing a 104% levy on key exports to the U.S., alongside additional duties targeting Southeast Asia, Europe, and parts of Africa. China announces additional 84% tariffs on US goods from April 10th.
With global supply chains already under pressure, the new trade regime has injected a surge of uncertainty into both traditional and digital markets. Equity futures, commodities, and crypto assets all turned sharply lower as recession risks gained traction.
Crypto joins the risk-off retreat
The total cryptocurrency market capitalization plunged by more than $160 billion, falling from $2.65 trillion to around $2.49 trillion. The sharp pullback mirrored global equity losses, with crypto once again behaving more like a risk asset than a safe haven.
Bitcoin (BTC) led the decline, dropping as low as $74,772 overnight before bouncing modestly. Ethereum (ETH) was hit even harder, losing over 5.7% and slipping back below the $1,500 mark. Altcoins followed suit, with Solana and Cardano down sharply, and XRP retreating amid high ETF volatility.
ETF activity reflects nervous capital
Institutional flow data paints a mixed picture:
- Bitcoin spot ETFs registered $326 million in net outflows yesterday, with BlackRock’s IBIT leading the pack.
- Ethereum-linked ETFs also saw redemptions, including an 11,000+ ETH exit led by BlackRock’s iShares ETH fund.
- On the brighter side, the XRP 2x Leveraged ETF (XXRP) launched with enthusiasm, trading over 215,000 shares on day one—showing that appetite for altcoin exposure hasn’t vanished entirely.
Safe havens surge, equities slide
As crypto dipped, traditional safe havens rallied:
- Gold climbed more than 1%.
- U.S. 10-year Treasury yields jumped back above 4.3% after briefly slipping below 4%, reflecting heightened market tension.
- Oil prices dropped over 4%, with U.S. crude falling below $57/barrel amid demand fears.
Meanwhile, U.S. equity futures signaled a grim session ahead, with the Dow down 750 points in pre-market trading and the S&P 500 on the cusp of bear market territory.
Regulatory shifts add complexity
Adding to the uncertainty, the U.S. Department of Justice announced it's dissolving the National Cryptocurrency Enforcement Team. The shift is being interpreted as a pro-crypto regulatory pivot, suggesting a focus on prosecuting criminal misuse rather than broad enforcement against crypto companies.
Volatility is back, and so are the questions
Crypto markets are once again at a crossroads. On one hand, the macro environment is turning risk-averse—tightening liquidity and hammering speculative assets. On the other, Bitcoin’s long-term narrative as a hedge against inflation and policy instability could gain fresh relevance as the trade war escalates.
For now, the message is clear: volatility has returned, and traders should be braced for sharp swings in either direction.
