Bitcoin registered critical lows during the early Monday hours, signaling a wider market rout that experts indicate is an expected knee-jerk reaction to what the Trump administration called a “reciprocal” tariff scheme.
The prime cryptocurrency nosedived to $74,666.46 on Crypto.com, and reached similar prices in other exchanges as world markets also experienced significant losses. Analysts assess this is due to the expectation of an extended period of bilateral negotiation between the affected nations and the U.S. regarding tariff elimination.
In the same way, ether fell as low as $1,446 setting for a 7-day decline of 18.5%, being affected acutely by the market turndown. Other cryptocurrencies like XRP and SOL lost key levels, with the former reaching $1.69 and the latter plunging to sub-$100 prices.
Chinese and Asian stock markets are registering critical losses, with Hong Kong’s Hang Seng shedding over 9% of its value and China’s CSI300 falling more than 5%.
There is no expectation of a quick solution to the tariff escalation, as members of the Trump administration openly commented that the current market breakdown was part of a structural shift for the U.S. to recoup the losses of years of uneven trade practices.
Treasury Secretary Scott Bessent told NBC that countries reaching for negotiations had been “bad actors for a long time, and it’s not the kind of thing you can negotiate away in days or weeks.” In the same vein, Commerce Secretary Howard Lutnick had asseverated that tariffs were going to stay in place for “days and weeks.”
President Trump commented on the market selloff, stating that “sometimes you have to take medicine to fix something,” reinforcing the notion that tariffs and their effects are here to stay.
Read more: BTC Slips to $78.6K in Major Sunday Drop
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