Bitcoin's price has sharply fallen amid news of new tariffs and rising international trade tensions.
Sharp Decline in Bitcoin Price
In the past 24 hours, Bitcoin's price has dropped over 6%, falling below $84,000. This is the lowest level since November 2024. The decline is linked to a bearish market sentiment, as noted by trader IncomeSharks.
Trade Conflicts and Market Reaction
The drop in Bitcoin's value is linked to new trade tariffs announced by President Donald Trump: 25% on Canada and Mexico, 10% on China, and an additional 25% on the European Union. This news negatively impacted the stock market, causing the S&P 500 to decline and erasing over $500 billion in market capitalization.
Major Companies Sell-Off and Future Forecasts
The price decline was also influenced by significant sell-offs from major firms such as Fidelity, Ark, and Grayscale. BlackRock contributed by transferring millions of dollars worth of Bitcoin and Ethereum to an exchange and offloading $150 million in Bitcoin. Despite a brief recovery above $84,000, experts warn of a possible retest of the $80,000 mark.
The cryptocurrency market remains volatile amid global economic changes and decisions by major investors. Experts predict a potential further decline in prices amid emerging factors.
