Bitcoin (BTC) and other cryptocurrencies continue to decline alongside stocks as the fallout from U.S. President Donald Trump’s new tariff regime upends markets worldwide.
News that China is retaliating with reciprocal 34% tariffs on all U.S. goods has American equity markets sharply lower on April 4, and cryptocurrencies are sliding lower in tandem with stocks.
The largest cryptocurrency, Bitcoin, is down another 1% at about $81,000 U.S. after falling steeply on April 3.
Other cryptocurrencies are also continuing to fall, with Ethereum (ETH), Solana (SOL), and XRP
(XRP) also down 1% each in early trading.
The further declines come as Bitcoin nears an extremely bearish “death cross” technical pattern and analysts say the digital asset is in danger of breaking support at $80,000 U.S.
The ongoing selloff in crypto comes after President Trump announced higher-than-expected tariffs on countries all over the world with a baseline duty of 10% on most imports into America.
China’s retaliation has exacerbated fears of an all-out global trade war, sending risk assets such as stocks and crypto sharply lower.
Analysts at crypto exchange MEXC are warning investors to expect further declines in crypto moving forward.
A slowdown in the U.S. economy combined with a weakening U.S. dollar could push crypto prices even lower in coming weeks, with MEXC forecasting that Bitcoin’s price could fall to $76,000 U.S. in the near-term.
However, the crypto exchange says BTC could be as low as $52,000 U.S. by this summer.
