Bitcoin drops below $75K due to Trump’s new tariffs

Bitcoin has taken a major drop, falling below $75,000, as global markets react to U.S. President Donald Trump’s new trade tariffs. Within 24 hours, the price dropped by over 7%, with Bitcoin trading around $75,186.

Economist Peter Schiff remarked that crypto is “finally starting to crack.” Ethereum has also taken a big hit, now trading at $1,591 — its lowest since October 2023.

Peter Schiff, a known crypto critic, slammed Trump’s policies, especially the idea of a “Strategic Bitcoin Reserve,” calling it foolish. But he believes the new trade tariffs are even worse. He added that many industry figures who support Trump might just be doing so for personal gain.

As Trump’s economic decisions ripple through markets, global stocks tumbled. Japan’s Nikkei 225 dropped nearly 9%, and Taiwan’s Taiex fell by 10%, triggering market halts. U.S. stock futures are also down.

In the crypto world, over $892 million in positions were liquidated, with Bitcoin holders suffering heavy losses. Even the Trump meme coin fell by over 13%, now down nearly 90% since January.

The Bitcoin market will crash due to Trump’s policies. People’s money has disappeared overnight. Investors are panicking, and many are rebalancing their portfolios amid growing fear of a recession.

On April 6, Bitcoin briefly peaked at $83,814 before starting to drop. A death cross appeared on the MACD chart at 16:00 UTC, signaling a trend reversal. By 4:45 AM UTC on April 7, Bitcoin had broken below support again, suggesting a possible further fall.

Analysts warn that if this bearish momentum continues, Bitcoin could dip below $75,000. However, a recovery is still possible. If the price reverses, it could climb back to the $81,664 resistance level and possibly even cross $84,000 again.

For now, the entire crypto market remains unstable. Altcoins are doing even worse than Bitcoin, and investors in both crypto and traditional markets are feeling the pressure. Peter Schiff warned that ETF holders, in particular, should prepare for a tough ride.

With economic uncertainty growing and Trump’s policies shaking confidence, it’s clear the road ahead for Bitcoin and the wider crypto market is anything but smooth.

Read More: Over 50 countries reach out to Trump for tariff cuts