Bitcoin Plummets to Near One-Month Low Amid Global Market Turmoil

Bitcoin and Crypto Markets Tumble Amid Trade Tensions

Bitcoin plummeted to a near one-month low on Monday, dropping 7% to $77,171.1 before partially recovering to $78,290.7. The decline reflects heightened risk aversion as U.S. President Donald Trump’s steep trade tariffs ignited fears of a global trade war, causing equity markets to lose over $4 trillion since last Wednesday.

Altcoins Plunge to Recent Lows

The broader crypto market was hit hard, with Ether falling nearly 13% to $1,577.30, its weakest level since October 2023. XRP, Solana, Cardano, and Polygon also dropped over 10% each. Meme tokens like Dogecoin and $TRUMP were particularly hard-hit, falling 13% and 15% respectively.

Investors Flock to Safe Havens

Traders moved to safe-haven assets such as the Japanese yen and gold amid economic uncertainty. Crypto markets, seen as speculative assets, were disproportionately affected by the risk-off sentiment.

"Black Monday" Fears Intensify

Concerns of a "Black Monday" event grew as $160 million in Bitcoin was transferred to Kraken, raising speculation of a potential large-scale sell-off. Any further U.S. market declines could exacerbate crypto losses, as equity market volatility spills over into digital assets.