April 9, 2025
Following the implementation of U.S. President Donald Trump’s tariffs on Chinese goods, the cryptocurrency market has experienced a sharp selloff.
Bitcoin dipped by 4.1% to $76,550, while Ethereum saw an even worse fall of 8.3% over the past 24 hours, bringing it to it lowest trading point since March 2023.
Cryptocurrency is currently down approximately by 30% from its January peak of $109,000, reached shortly before Trump’s inauguration.
The second-largest cryptocurrency which is Ethereum by market capitalization, has fared worse, trading at $1,435.43 a whole 70% below its all-time high of $4,891.70 set in November 2021.
Some major altcoins have also suffered significant losses. Dogecoin dropped 16.3% on the day, while Solana declined 18% and Cardano dropped 23.7% over the past week.
In the last 24 hours data from CoinGlass reveals widespread distress and Liquidation reaching $411 million.
The crypto market’s downturn shows broader financial market instability. Asian markets opened sharply lower on Wednesday, with Japan’s Nikkei 225 falling 2.6% and Australia’s ASX 200 losing 2%.
READ MORE; Bitcoin Dips Below $75k As Trump’s Tariff Takes Toll On Market
Meanwhile, the S&P 500 declined 1.5% on Tuesday, bringing its losses since mid-February to nearly 20%, edging closer to bear market territory.
The market disturbance coincides with key movements in bond and yield markets as the 10-year Treasury yield jumped between 4.2% and 4.4% late Tuesday, representing one of its fastest intraday climbs since World War II.
On the same Tuesday, the first Treasury auction of three-year notes following Trump’s Liberation Day witnessed the weakest demand since late 2023.
Trump administration has intensified its trade war with China, imposing an additional 104% tariff on Chinese imports after Beijing failed to meet a Tuesday deadline to lift its retaliatory tariffs.
