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Bitcoin Sinks Below $77K as Asia Markets Dive on Tariffs
The crypto market is in chaos following the announcement of President Donald Trump’s sweeping tariffs, with Asian markets plummeting and the price of Bitcoin (BTC) crashing below the psychological barrier of $77,000.
In a surprise move, President Trump confirmed the introduction of new tariffs late on Sunday, stating that “sometimes you have to take medicine to fix something.” The sudden announcement sent shockwaves through financial markets, triggering widespread sell-offs across Asia and beyond.
The Nikkei 225 index in Tokyo opened with an unprecedented 8% decline, subsequently halting trading due to a circuit breaker. The Topix futures also experienced a temporary halt amid the rapid decline. These developments underscore the severity of market sentiment.
Meanwhile, Bitcoin (BTC) has taken a significant hit, dipping below $77,000 as investors struggle to come to terms with the unexpected tariff announcement. The cryptocurrency is now down roughly 7% in the last 24 hours and has seen its value plummet by nearly 10% since Sunday’s announcement.
The Federal Reserve Chair Jerome Powell has acknowledged the rising risk of inflation and a potential slowdown in economic output, stating that the central bank will closely monitor the situation before making any decisions regarding interest rate adjustments. This uncertainty has undoubtedly contributed to the heightened market volatility.
In light of these events, investors are advised to remain cautious and reassess their portfolios in response to the rapidly shifting macroeconomic environment.
Source: https://cryptotale.org/bitcoin-sinks-below-77k-as-asia-markets-dive-on-tariffs/
