Ongoing uncertainty surrounding US President Donald Trump's tariff strategy has driven Bitcoin's value below the $75,000 mark on Monday.
Data from CoinMarketCap reveals that the overall cryptocurrency market has contracted by approximately 10.58% over the past 24 hours, with its total value falling to around $2.39 trillion.
Bitcoin, which was trading at about $74,980 as of 0700 GMT, saw its price plunge by over 10% in the last day amid fears that the aggressive tariff policy could spark a wide-scale trade war and trigger a global economic slowdown. Several of Trump's trade partners, including China and the European Union, have already announced countermeasures in response to the new tariffs.
Before Trump's April 2 announcement that the US would impose tariffs on 185 countries, Bitcoin was valued at roughly $87,000. During his election campaign, Trump had promised to transform the United States into the world's crypto center by backing digital assets and even floated a “national bitcoin reserve plan.” However, despite his support for digital currencies, he has yet to fully deliver on these promises. Notably, Bitcoin reached an all-time high of over $109,000 on the day Trump took office.
Ethereum, the second-largest cryptocurrency by market capitalization, also experienced a steep decline, dropping about 22% to approximately $1,421.
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Bitcoin hit a new all-time high on Monday morning, surpassing the $123,000 mark and gaining over 4% during the day.
The U.S. dollar strengthened and Bitcoin surged to a new record, as investors shrugged off fresh tariff threats from President Donald Trump.
Bitcoin and other cryptocurrencies regained value following a ceasefire between Israel and Iran, bouncing back after steep losses during the 12-day conflict.
Donald Trump's media company has filed for a Bitcoin and Ethereum exchange-traded fund (ETF), prompting fresh concerns over potential conflicts of interest as the U.S. President remains active in both politics and cryptocurrency ventures.
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The Indian rupee is expected to open stronger on Friday, supported by gains in other Asian currencies and a temporary pause in the U.S. dollar index’s upward trend.
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