Oh, what a calamity! The price of Bitcoin, that once-mighty titan of the digital realm, has plummeted below the fabled threshold of $75,000 in a mere 24 hours, like a wayward goose slipping on a patch of ice! From a lofty perch of $80,156, it has now nosedived to a dismal $74,627 — a staggering descent of nearly 7%! This unfortunate event has sent shivers down the spines of investors, as the specter of Donald Trump’s 104% tariff on Chinese goods looms ominously over the market like a thundercloud ready to unleash its fury.
Riskier assets, those poor souls, have taken a beating akin to a hapless character in a Gogolian farce. Bitcoin now finds itself down 11% for the week, while Ethereum (ETH), the once-proud companion, has led the altcoin brigade into a veritable abyss with losses exceeding 25%. Oh, the humanity!
As if the universe conspired against them, investors are wringing their hands in despair, watching the world’s two largest economies engage in a tariff war that could make even the most stoic of souls weep. Institutional selling has returned with a vengeance, as BlackRock’s iShares Bitcoin Trust (IBIT) unceremoniously dumped 3,296 BTC on a fateful Monday. This marked the third-largest ETF outflow since the fund’s inception, with total Bitcoin ETF outflows reaching a staggering $326 million. What a delightful mess!
Just days prior, Bitcoin had flirted with a brief moment of joy, touching $80,400 in a fleeting relief rally. But alas, the optimism was as ephemeral as a summer breeze, and the market has tumbled into what appears to be a classic bull trap. Coinglass data reveals a shocking $390 million in crypto liquidations amidst this chaotic correction. Truly, a spectacle worthy of the grandest of tragedies!
Since the dawn of 2025, Bitcoin has suffered a decline of over 18% under the watchful eye of Trump. Analysts, those modern-day soothsayers, warn that a further descent to $70,000 or below could be lurking just around the corner, should the stock market continue its downward spiral. What a delightful game of economic roulette!
Experts like Arthur Hayes and Peter Schiff, those harbingers of doom, suggest that the Fed may need to act soon. Hayes, in a moment of profound clarity, declared, “The Fed is on the clock, shit is breaking down,” as bond yields rise while stocks tumble — a troubling combination that signals deeper economic stress. Oh, the irony! The very forces meant to stabilize us seem to be leading us into the abyss!
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2025-04-09 08:58