Bitcoin ($BTC), the leading crypto asset, has recently dipped by up to 10%. As per the reports, the U.S. President Donald Trump’s new announcement about the global tariffs has pushed Bitcoin’s price downward by 10 percentage points, as of Sunday. The development highlights the significant influence of the broader economic shocks on the crypto market.
Monday Sees Bitcoin’s Plunge Below $78,000 after Trump’s Global Tariff Announcement
The reports reveal that the Bitcoin ($BTC) has dropped below the $78,000 spot, following Trump’s announcement concerning global tariffs. The respective tariff announcement has reportedly sent shockwaves across the economic sphere. The abrupt plunge signifies that, irrespective of the widely-touted stability in long-term, Bitcoin stays substantially sensitive to conventional market forces.
Hence, the crypto market is not considerably immune to the broader geopolitical developments. Just like the conventional tech stock, purchasing for short-term profits has led to further dips in the crypto market. In this respect, the futures markets have been experiencing a blood bath throughout the weekend.
Parallel to Trump’s inauguration for the 2nd time as the U.S. President, the top crypto asset has been making remarkable progress. Particularly, in January 2025, Bitcoin reportedly touched the $110,000 mark. Nonetheless, since reaching that point, the key crypto coin has slumped below the $78,000 spot as of Sunday. A prominent role in this Bitcoin plunge has been played by the recent tariffs.
Trump Continues to Back Pro-Crypto Initiatives
Nonetheless, despite the current plunge in Bitcoin’s price, Trump has continuously carried out wide-level pro-crypto initiatives since his return to the office. Thus, the appointment of regulators supportive of the crypto market is a great move. Additionally, he has also authorized an executive order establishing a federal reserve of Bitcoin. Overall, Trump has been backing the overall crypto narrative and boosting the supporters in the public discourses thereof.
Nonetheless, the influence of this exclusive tariff announcement has been witnessed all around the financial markets, particularly in the crypto ecosystem. Keeping this in view, the investors are bracing while anticipating further downturn over the next week. However, the market onlookers are keenly watching for Bitcoin’s price movement on Monday to better estimate the further direction in the near future.
