Bitcoin crashes below $75k as circuit breaker events hit Asian and European markets
Bitcoin has fallen as much as 12% in the past day, falling below the $75,000 threshold amid Asian and European markets plunge in the aftermath of Trump’s tariff announcement.
According to data from crypto.news, BTC (BTC) has fallen as low as $74,604 in the past 24 hours. The largest cryptocurrency by market cap has seen its price plummet around 30% below its all-time high price at $108,786, which occurred just three months prior.
At press time, Bitcoin has recovered only slightly to $73,793. It has not yet managed to return to levels above $75,000. Its market cap has also suffered from the decrease in price, falling by nearly 8% and losing nearly $67 billion in the process. Bitcoin’s market cap currently stands at $1.48 trillion.
The sharp decline comes shortly after Asian, European and American markets reported alarming drops in major stocks in the aftermath of President Donald Trump’s tariffs. Asian markets, in particular, are seeing the worst two-day stretch for Wall Street stocks in five years.
On April 7, Japan’s main index, Nikkei 225, closed 7.8% lower than the previous date, while the broader Topix exchange decreased by 7.7%. Meanwhile China’s Shanghai Composite Index closed more than 7.3% lower.
South Korea’s stock market saw its worst trading session since the financial crisis of 2008. The exchange activated its trading curbs for the first time in four years as tech stocks experienced a sharp decline, with KOSPI index closing at 8.8% below the previous session.
Meanwhile Hong Kong saw its benchmark Hang Seng Index falling by 13.74%, experiencing a deeper fall compared to mainland China. Moreover, Taiwan’s Taiex closed at 9.7% below the prior trading day.
As traditional markets begin to fall amidst fears of recession, alternative assets do not seem to be faring any better. Contrary to past beliefs, safe assets like gold and Bitcoin have suffered similar losses. Gold has dropped more than 4% to around $3,030, despite just reaching an all-time high of $3.176 earlier this month.
In fact, the crypto market has mirrored the negative sentiment spreading through traditional global markets. According to data from CoinGecko, the overall crypto market cap has fallen by more than 12% to $2.4 trillion in the past 24 hours.
