--- title: "Bitcoin Is Crashing Hard" description: "The global financial crisis spurred on by president Donald Trump's ill-founded tariffs has finally reached Bitcoin." date: "2025-04-07" modified: "2025-04-07" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/bitcoin-crashing-hard-trump-tariffs" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "crypto" - "tariffs" - "the digest" --- # Bitcoin Is Crashing Hard ![The global financial crisis spurred on by president Donald Trump's ill-founded tariffs has finally reached Bitcoin.]() *\Image: May James/SOPA Images/LightRocket via Getty\* ## Crash and Burn The global financial crisis spurred on by president [Donald Trump's ill-founded tariffs]() has reached Bitcoin, and it's crashing hard. During the salad days after the election and into Trump's early days as president, the digital currency was soaring over $100,000. But the economic uncertainty of Trump's trade war has eviscerated it; over the weekend, [Bitcoin fell]() from around $86,000 per token on Friday to roughly $75,000 by the time markets opened Monday morning before rebounding to around $78,000 — a steep drop that reflects how poorly things have gone in the few days since [Trump's reciprocal tariff announcement]() began [wreaking havoc]() on the world's economy. Trump had leaned hard into crypto during his last campaign, so the blockchain crowd was hoping he'd preside over boom times. But by the end of this weekend — and the start of what analysts are now calling "[Black Monday]()" — it seemed that the digital currency's big dreams had gone bust. ## Fire Sale Unlike the stock market, cryptocurrencies trade 24 hours a day and seven days a week. As such, investors were able to see in real-time how poorly their coins were doing and [sell them off]() accordingly. Trump's tariffs have triggered billions of dollars in liquidations across cryptocurrencies. In 24 hours, investors withdrew a whopping $401 million in Bitcoin and more than $340 million worth of Ethereum, per [analysis from the blockchain site Coinglass](). How low it goes — or whether the market recovers — is anyone's guess. "Bitcoin has recently lost the key $79,000 to $80,000 support level, which it had managed to hold for the past month," explained BTC Markets analyst Charlie Sherry in emailed comments to investors, [per *Forbes*](). "This support level had marked the bottom of the range after the all-time-high pullback. The next key support lies around $72,000, which was the pre-election high." Sherry added in his email that if the president or the Federal Reserve issue an "emergency intervention," the currency could bounce back to its post-election high. With [Trump gunning for the Fed to cut interest rates](), hope just may spring eternal. **More on tariffs:** [*You’ll Never Guess What Happened to Trump’s Meme Coin After He Announced His Tariffs*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()