市場分析

Crypto Market Slumps After U.S. Tariffs; Bitcoin Drops Below $80,000

Amos Simanungkalit · 07 Apr145.5K 閱讀

Image Credit: NewsXWorld

Bitcoin dropped below $80,000 on Sunday, experiencing a decline of more than 3% in just two hours. The broader cryptocurrency market also suffered losses as global markets reacted to the uncertainty caused by new U.S. trade tariffs. President Trump's announcement on Wednesday triggered sharp declines across both crypto and stock markets. Ethereum saw a nearly 8% drop within 24 hours, and the ETH/BTC ratio reached its lowest point in five years. The GMCI 30 Index, which tracks the top 30 cryptocurrencies, fell over 6% in a single day and is down more than 32% year-to-date.

This downturn in the crypto market coincided with significant declines in U.S. stock indices. The S&P 500 and Nasdaq Composite both ended April 4 with nearly 6% losses. Analyst Holger Zschaepitz highlighted that the stock market had lost $8.2 trillion in value, more than during the 2008 financial crisis. A chart shared by Zschaepitz from Bloomberg showed the steep drop in global market capitalization.

Over the weekend, fears of a larger crash grew, with comparisons to the 1987 “Black Monday” crash. CNBC’s Jim Cramer noted on X that such a scenario remains possible, adding that while market circuit breakers may delay the crash, they won't necessarily reverse it.

Bitcoin’s price action has caused mixed reactions among traders. Daan Crypto Trades pointed out that Bitcoin’s volatility is narrowing, while the VIX, Wall Street’s volatility index, has reached levels unseen since the 2020 COVID crash. He suggested that the contrast between crypto and stocks is rare, and a major Bitcoin move could happen next week, depending on how the stock market behaves.

Some traders view the recent drop as temporary. Cas Abbe compared it to Bitcoin’s August 2024 crash and the post-ETF dip. He is watching for a weekly close above $92,000 to signal a return to an upward trend. Max Keiser, on the other hand, predicted Bitcoin could surge to $220,000 by the end of the month if a major market crash drives investors toward Bitcoin as a safe haven. “A 1987-style mega crash will push Bitcoin to $220,000 this month as trillions in wealth seek the ultimate safe haven: Bitcoin,” he wrote in response to Cramer.

While most cryptocurrencies saw declines, Pi Network gained about 1.5%, and ZCash rose by 0.7%, according to data from The Block. Injective CEO Eric Chen speculated that Bitcoin’s resilience could be attributed to post-ETF demand from institutional investors like retirement funds and companies such as MicroStrategy and GameStop.