The crypto market is feeling the heat — and it’s not from inflation this time. As Donald Trump’s steep new tariffs kicked in, both traditional markets and cryptocurrencies took a sharp hit. Bitcoin tumbled to around $75,000, while Ethereum slid to the $1,400 range, marking one of the toughest days for crypto in weeks.
Market at a Glance
According to CoinMarketCap, the total value of all cryptocurrencies dropped nearly 5% over the past 24 hours, pulling the market cap down to $2.42 trillion. Trading activity also cooled off significantly, with volumes dipping over 36%, a sign that traders might be pausing to figure out their next move.
Bitcoin still leads with a dominance of 62.6%, despite falling 4.5% to roughly $76,300. Meanwhile, Ethereum saw a bigger drop — down more than 9% to about $1,447, making it the hardest-hit major token of the day.
Solana, often spotlighted for being Trump’s crypto favorite, is trading around $105, while Tether remained steady, doing its job as a stablecoin amid the chaos.
What Experts Are Saying
Many analysts believe this sharp sell-off is directly linked to the rollout of Trump’s 104% tariffs on Chinese goods, fueling fears of a renewed global trade war.
“It seems like people have given up on any major crypto comeback — at least for the first half of this year,” said Sean McNulty from FalconX.
He pointed out that traders are increasingly protecting themselves with bearish positions on Ethereum and Solana — not a great short-term sign.
Riya Sehgal of Delta Exchange agreed, saying that the sudden Bitcoin drop below $75K signals just how sensitive digital assets have become to global politics.
“Bitcoin is clearly behaving more like a risk asset now — its ties with the equity market are stronger than ever,” she added.
Still, Sehgal pointed out a silver lining: long-term holders aren’t budging. Even as prices dip, they’re holding on, suggesting continued belief in crypto’s future as a store of value.
Short-Term Pain, Long-Term Potential?
While short-term recovery seems unlikely unless global trade tensions ease, experts aren’t losing hope altogether.
Riya highlighted that the recent decision by the U.S. Department of Justice to shut down its crypto enforcement division could signal a shift toward a more crypto-friendly stance — especially with discussions around a national Bitcoin reserve heating up again.
Edul Patel, CEO of Mudrex, is also cautiously optimistic:
“Bitcoin is finding support near $74,500 and has bounced back to around $76,000. Whales are quietly accumulating, which usually hints at long-term strength.”
Bottom Line
The crypto market might be in survival mode for now, but not everyone’s giving up. With whales buying and long-term investors staying put, the current drop may be more of a storm to weather than a sign of collapse.
Just don’t expect blue skies until the tariff clouds clear.
