The cryptocurrency market is also unable to escape the shock of Donald Trump's cross-tariff imposition. The leading cryptocurrency, Bitcoin (BTC), dropped more than 6% from the previous day, falling to the $70,000 range, and major altcoins also plummeted by over 10%.
According to the global cryptocurrency market tracking site CoinMarketCap on the 7th, BTC was trading at $77,923.82 as of 8 am. This is a 6.27% decline compared to 24 hours ago.
The altcoin decline is even steeper. At the same time, the altcoin leader Ethereum (ETH) plummeted by 12.57% to $1,569.60, XRP dropped by 10.22% to $1.91, and Solana (SOL) fell by 10.93% to $106.08.
The cryptocurrency decline continues on domestic exchanges. On Bithumb, BTC recorded 116,896,000 won, down about 4% from the previous day. ETH dropped by 9.77% to 2,364,000 won, and XRP fell by 7.27% to 2,872 won.
The simultaneous sharp decline in cryptocurrency prices is interpreted as being influenced by President Trump's cross-tariff imposition policy. Bitcoin began to decline from the day after the cross-tariff announcement, barely maintaining the $80,000 level, but eventually dropped to the $70,000 range with this sharp decline. This is the lowest price since March 11th ($77,467.63).
The cryptocurrency-specialized media CoinDesk stated, "As macroeconomic uncertainty increases due to the Trump administration's tariff policy, investors continue to sell," and "While Bitcoin has relatively performed better than the stock market recently, future trends are difficult to predict." The media reported, citing NYDIG cryptocurrency market analysis data, that Bitcoin's price declined by 11.7% in the first quarter of this year, recording the worst first-quarter return in 10 years since 2015.
On this day, the total market capitalization of cryptocurrencies sharply decreased by about 7% to approximately $248 billion compared to the previous day, and dropped by 11% from about $279 billion recorded just before the cross-tariff announcement.
The Crypto Fear and Greed Index by cryptocurrency data analysis company Alternative.me remained in the 'fear' stage, rising 4 points from the previous day to 34 points. The lower the index is close to 0, the more contracted the investment sentiment, while closer to 100 indicates market overheating.
- Reporter Shin Jung-seop
- jseop@sedaily.com
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