Bitcoin has dropped sharply, falling below $75,000 as financial markets across Asia and Europe react to new U.S. trade tariffs announced by former President Donald Trump. In the past 24 hours, Bitcoin fell as low as $74,604, marking a 12% daily drop.
At the time of writing, BTC is hovering around $73,793, unable to regain the $75K mark. Its market cap has also declined, losing nearly $67 billion, and now sits at $1.48 trillion.
BTC Sinks Nearly 30% From All-Time High
Just three months ago, Bitcoin reached an all-time high of $108,786. With this recent fall, it now sits almost 30% lower than that peak. The drop coincides with widespread sell-offs across global stock markets, as recession fears return.
Asian and European Markets in Free Fall
The panic began overseas. On April 7:
- Japan’s Nikkei 225 fell 7.8%
- Topix slid 7.7%
- Shanghai Composite dropped 7.3%
- KOSPI (South Korea) plummeted 8.8%, triggering trading curbs
- Hong Kong’s Hang Seng plunged 13.74%
- Taiwan’s Taiex fell 9.7%
These drops mark some of the worst trading sessions since the 2008 financial crisis.
Crypto and Gold No Longer “Safe Havens”?
Historically seen as recession-resistant, Bitcoin and gold both declined. Gold, which recently hit an all-time high of $3,176, has dropped over 4%, now trading near $3,030.
Similarly, the entire crypto market is feeling the heat. According to CoinmarketCap, the total crypto market cap fell over 12% in just 24 hours, now sitting at $2.4 trillion.
Market Sentiment: Fear Replaces Optimism
These steep declines show that alternative assets are not immune to global macroeconomic shocks. Instead of acting as a hedge, Bitcoin is currently mirroring traditional market behavior. As global markets continue to react to economic uncertainty, investors may remain cautious in the days ahead.
