Today, Bitcoin recorded a price drop below $80,000 for the first time since March 11 amid a general decline in the crypto market.
Bitcoin Price Decline
Bitcoin's price fell below $80,000, starting its decline from around $82,000. Following a drop on April 6, the cryptocurrency’s value hit $76,000. As of this article's writing, Bitcoin was trading above $76,000, down over 7% in the past 24 hours.
Crypto Market and Fear
The price drop of Bitcoin coincided with a decline of over 9% in the overall crypto market in the last 24 hours. The Fear and Greed Index has entered the Extreme Fear zone. Liquidations in the crypto market exceeded $1 billion, with over $877 million in long positions and $141 million in shorts.
Trump's Tariff Policy
Donald Trump continues to advocate for his tariff policy, highlighting massive financial deficits for the U.S. with China and the European Union. He states that tariffs are the only solution to this issue, claiming they're currently bringing in tens of billions of dollars to the U.S.
The recent drop in Bitcoin's price occurs amidst market panic. However, some experts see this as an accumulation opportunity, despite the growing global adoption of cryptocurrencies.
