Bitcoin plummets to $77,000 as Trump tariffs hit crypto markets
What's the story
The cryptocurrency market took a major hit today, reacting to US President Donald Trump's global tariffs announced last week.
Bitcoin fell nearly 8% to $76,833, while Ethereum crashed over 15% to $1,538.
As per Coinglass data, bullish crypto bets worth nearly $745 million were liquidated in a 24-hour period—the biggest sell-off in nearly six weeks.
The global cryptocurrency market capitalization was at $2.5 trillion, marking a 6.59% decline in the last day.
Trading volume
Stablecoin Tether leads trading volume
Stablecoin Tether was trading at 0.9994 with a market cap and volume of $144.18 billion and $82.48 billion, respectively, on Monday.
This trading volume is double that of Bitcoin, making it the most traded cryptocurrency owing to its tie-up with the US dollar.
Cosmo Jiang from Pantera Capital said "macro is driving the action right now," meaning broader economic factors are driving market trends instead of internal issues in the economy itself.
Global sell-off
Equity markets also suffer major crash
Escalating trade tensions and mounting fears of a recession in the US have triggered a masive sell-off in the equity markets as well.
In the US, the NASDAQ index has entered bear territory, plunging more than 20% from its recent peak.
In Asia, Indian benchmark index Sensex crashed over 3,000 points today, wiping out investor wealthy by nearly ₹20 lakh crore.
Japan's Nikkei plummeted 7% while China's blue-chip index lost 7%. The Hang Seng index slumped over 10.5%.