Synopsis
Bitcoin, Ethereum, and other major cryptocurrencies experienced a significant drop as global risk sentiment deteriorated due to new US tariff plans announced by President Trump. The impending trade war and potential recession fears have also affected commodities, safe-haven assets, and caused a broad market sell-off, spilling into the cryptocurrency market.
Bitcoin, Ethereum, and other major cryptocurrencies plunged on Monday as global risk sentiment soured following fresh US tariff plans. The downturn came after US President Donald Trump signaled no retreat from sweeping import duties, raising fears of a looming recession and prompting bets on a potential interest rate cut by the Federal Reserve as early as May.
The carnage came as Trump told reporters that investors would have to take their medicine and he would not do a deal with China until the US trade deficit was sorted out. Beijing declared the markets had spoken on their retaliation plans.
The new tariff regime includes a baseline 10% levy on imports, with significantly steeper duties on key Asian trade partners: 34% on China, 24% on Japan, 46% on Vietnam, and 25% on South Korea. The European Union was hit with a 20% tariff.
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TOP COIN SETSBTC 50 :: ETH 50-15.42% BuyDeFi Tracker-16.33% BuySmart Contract Tracker-18.65% BuyNFT & Metaverse Tracker-19.84% BuyAI Tracker-21.84% BuyTOP COINS (₹) Bitcoin6,549,901 (-7.55%)BuyBNB46,420 (-7.74%)BuySolana8,595 (-15.45%)BuyXRP150 (-16.08%)BuyEthereum127,768 (-16.49%)BuyAccording to Fitch Ratings, the effective US import tax rate has soared to 22% under Trump, compared to just 2.5% in 2024—its highest level since 1910.
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View Details »Commodities and safe-haven assets also took a hit. Brent crude fell 6.5%, WTI dropped 7.4%, gold slid 2.4%, and silver plunged 7.3% on fears of slowing global demand. The yield on the 10-year U.S. Treasury dropped 8 basis points to 3.916% as investors rushed to safer assets. Fed funds futures rose sharply, pricing in a 25-basis-point rate cut by the end of the year.
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As of 1:14 PM IST, Bitcoin was trading at $74,993, down 9.72% in the past 24 hours, having touched a low of $74,436. Ethereum plunged 18.4% to $1,467. The global cryptocurrency market cap fell 8.59% to $2.44 trillion.
“Bitcoin has broken below $75,000 in worrying signs that the US market may be headed for a recession,” said Vikram Subburaj, CEO of Giottus.
“Global markets are facing a broad sell-off, which has spilled into crypto,” said Edul Patel, Co-founder and CEO of Mudrex, adding that investor sentiment remains weak and a disclosure on U.S. crypto holdings later today could trigger a relief rally.
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Altcoins saw sharper declines. XRP fell 19%, Solana 18%, Dogecoin 20%, Cardano 18%, and BNB 10%. Toncoin, Chainlink, Avalanche, and Shiba Inu dropped between 11–17%.
Bitcoin’s market capitalization declined to $1.490 trillion, with its dominance rising to 62.65%. Trading volume surged 336.5% to $58.54 billion, while stablecoin transactions accounted for 94.16% of total crypto trading, reaching $115.28 billion, according to .
“Technical indicators suggest that Bitcoin is approaching a “death cross,” where the 50-day moving average crosses below the 200-day moving average, potentially signaling further bearish momentum. Analysts are closely monitoring support levels around $75,000 and resistance near $80,000 to assess potential future price movements,” said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
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