Cryptocurrencies have also joined the ugly red bath of Wall Street this Monday after DJIA has already witnessed a 2,200-point fall. Bitcoin has officially lost its $80,000 key support level amid the latest financial crisis that has emerged after Trump imposed tariffs on exports. On the other hand, Ethereum, XRP, Solana, and Dogecoin have also witnessed a 15% drop within a span of hours. If you are someone who wants to know more about cryptocurrencies actively plunging following the red bath of Wall Street, this article is for you. It brings you everything you need to know about the latest fall in Bitcoin and the other cryptocurrencies that have witnessed today.
Cryptocurrencies Also Joined The Red Bath Of Wall Street
What Happened In The Stock Market This Monday?
The stock market this Monday is bleeding red. The investors on Friday witnessed a major capital wipe-off from the market which was worth $5 trillion. On the other hand, benchmarks like the S&P 500 as well as Nasdaq-100 also witnessed a major fall of 4.3% and 5.4%, respectively. DJIA has already seen a fall of 2,200 points. Global markets like China have already met the circuit breakers, leading to a state of panic among investors. Other countries like Taiwan and Japan have also witnessed a stock market fall.
Reason Behind The Stock Market Crash?
The main reason behind the global stock market crash is the Trump administration’s imposition of tariffs on several countries. The recently elected US President Donald Trump imposed tariffs ranging up to 50%. This induced a state of uncertainty and worry about the possibility of a full-blown recession. As a result, the volatility of the stock markets all over the world increased. Many countries around the globe like Japan, China, South Korea, and India, suffered major losses after the stock markets witnessed a steep fall.
Crypto Market Plunges Today
Cryptocurrencies have also joined the red bath of Wall Street after the imposition of tariffs on several countries. Bitcoin ended up dropping below $80,000, witnessing a 3% fall within a span of 2 hours. The crypto market is already suffering great losses alongside the stock market. Ethereum also witnessed an 8% fall within a span of 24 hours. The ETH/BTC ratio has already hit its lowest in the last 5 years. GMCI 30, the index that tracks the top 30 cryptocurrencies, fell as low as 6% in a day.
What Experts Have To Say Regarding The Market Crash?
The cryptocurrencies plunging after the crash have received mixed reactions from experts and traders. Some traders also believe that a fall in the prices of Cryptocurrency is temporary. Trader Cas Abbe mentioned how the crash looks pretty similar to Bitcoin’s August 2024 crash and the post-ETF dip. He also added that he’s awaiting a weekly close above $92,000 to confirm a return to an upward trend. Max Keiser has also predicted a steep rise in the price of Bitcoin. He stated that the prices can actually hit as high as $220,000. He wrote on X that A 1987-style mega crash will push Bitcoin to $220,000 this month. This can happen mainly because the investors in the situation of a crash will see Bitcoin as the safest asset.
