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The crypto world is once again riding a wild wave and this time, it's being steered by politics, not tech. After a surprising period of resilience, Bitcoin and Ethereum have taken a sharp turn downward, following global market tremors triggered by recent trade policy announcements from U.S. President Donald Trump.
From Rally to Retreat: Bitcoin Erases Post-Election Gains
In the weeks following Trump’s re-election, the crypto market saw a surge in confidence. Bitcoin soared past $100,000, buoyed by investor optimism and the belief that a business-first administration would favor digital assets. But the tide has turned fast.
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As of Monday, April 7th, Bitcoin dipped below $74,000, wiping out all gains made since the U.S. elections. Although it slightly rebounded to hover around $77,300, it still marks a 6.66% drop in just 24 hours, according to CoinMarketCap.
Ethereum didn’t escape the storm either. The second-largest cryptocurrency by market capitalization suffered a staggering 16% plunge, falling below $1,500 its lowest level since March 2023.
The Red Wave Hits Crypto: Why the Sell-Off?
The spark behind this market-wide panic? A dramatic announcement by Trump, who revealed new reciprocal trade tariffs targeting key international partners. The move ignited fears of a renewed global trade war, prompting sharp sell-offs in stock markets and now, in crypto.
The initial shockwaves hit traditional financial markets late last week. Still, Bitcoin managed to hold steady around the $82,000–$84,000 range, even posting modest weekly gains. But as Monday dawned and investors worldwide digested the full weight of Trump’s comments and China’s retaliatory stance the crypto markets were swept into the broader sell-off.
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Charlie Sherry, a crypto analyst at BTC Markets, summed up the mood in a note shared by Bloomberg:
"For a moment, it looked like crypto could hold firm but with 24/7 markets, investors woke up Sunday in full sell mode."
Broken Promises? Crypto Bulls Feel the Heat
For the most passionate crypto backers, the sharp drop stings particularly hard. Trump's campaign made overtures to the crypto community, sparking hopes of regulatory clarity and market-friendly policies. The result? A flurry of investments that pushed Bitcoin to an all-time high of $109,114 on January 20th, Inauguration Day.
But now, that optimism has been tempered by harsh market realities. With a 30% drop from its peak and continued volatility ahead, the crypto dream is being put to the test.
Total Market Value Plummets
The ripple effect has been massive. The total market capitalization of all cryptocurrencies now stands at approximately $2.43 trillion, matching levels from last November and well below the $3.72 trillion peak seen in early 2024.
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With global equities in freefall and leveraged funds scrambling to exit risky positions, more turbulence may be on the horizon for crypto investors.
Final Thoughts: Is This a Buying Opportunity or a Red Flag?
Crypto markets are known for their volatility, and downturns like this are nothing new. Still, the current correction reminds us just how intertwined global politics and digital assets have become. Whether this marks the start of a broader decline or simply a temporary setback remains to be seen.
For now, seasoned investors may see opportunity in the dip while newcomers are left wondering if the crypto dream was too good to be true.
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