07.04.2025 11:41
Bitcoin fell by seven percent to $77,077 following U.S. President Donald Trump's announcement of new import tariffs. As panic selling swept through global markets, the cryptocurrency world was also affected, leading to the liquidation of $778 million in long positions. Experts believe that while there may be short-term anxiety, cryptocurrencies could serve as a safe haven in the long term.
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Trump's new customs tax policy, which has shaken global markets, has caused a sharp decline in Bitcoin. The cryptocurrency lost about seven percent of its value on April 7, dropping to $77,077. While investors maintain a cautious stance amid "Black Monday" concerns, fluctuations in the cryptocurrency market are being closely monitored.
Customs Tax Crisis Hits Cryptocurrency Markets
On April 7, Bitcoin experienced a sharp decline, losing about seven percent of its value and falling to $77,077, the lowest level in the last three weeks.
This sharp drop occurred after U.S. President Donald Trump announced large-scale new import tariffs. Trump's decision raised concerns about a new trade war and a global economic slowdown. The cryptocurrency market initially showed resistance last week, with traders commenting that Bitcoin could act as a "safe haven" while tech stocks were falling. However, this narrative completely reversed on the night of April 6.
As Asian markets opened, U.S. stock futures turned red. Nasdaq 100 contracts lost five percent, while S&P 500 and Dow Jones futures recorded declines of over four percent. According to Yahoo Finance data, Japan's Nikkei 225 index lost six percent, Australia's ASX 200 index lost five percent, and South Korea's Kospi index dropped by 4.4 percent.
Bitcoin also joined this wave of decline. According to Coinglass data, approximately $778 million in long crypto positions were liquidated in the last 24 hours. This figure marks the largest loss in the past six weeks. Other leading crypto assets were also negatively affected during this process. Solana (SOL) fell to $107, while Ethereum (ETH) dropped to $1,538, the lowest level since October 2023.
Trump's new economic policy imposes a ten percent customs tax on the vast majority of imports, with higher rates of 34 percent on imports from China and 20 percent on European Union goods. Financial markets became uneasy in response to this aggressive move, and investors began preparing for long-term economic instability.
Following this market turmoil, the "Black Monday" hashtag trended on platform X. Users referred to the infamous crash in 1987 when the Dow Jones Industrial Average fell by 22.6 percent in a single day, marking the largest daily loss in U.S. stock market history.
Hedge fund billionaire Bill Ackman warned on April 7 in a message shared on X that if Trump's policies continue, it could lead to an "economic nuclear winter." Ackman stated, "We will seriously damage our reputation in the eyes of the rest of the world. The country is 100 percent behind the President in correcting the global customs tariff system that puts it at a disadvantage. However, business is a game of trust, and trust is based on trust. The President @realDonaldTrump has made the issue of customs tariffs the most important geopolitical issue..."
There was also a loss of confidence in cryptocurrency circles. The Crypto Fear and Greed Index dropped by 11 points to 23, reflecting a state of "extreme fear" in the market. Despite this, not everyone holds a negative view. Arthur Hayes, co-founder of BitMEX, suggested in a post on X on April 4 that the chaos could ultimately direct more investors towards Bitcoin as a hedge against central policies.
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