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Breaking: Bitcoin plunges below $80,000 amid sharp crypto crash.
The collapse of Bitcoin deepened on Friday as investors rushed toward safe-haven assets following the announcement of new tariffs, triggering a broad sell-off in the crypto market. The digital currency dropped 8% to $79,363, bringing its total losses to over 25% in six weeks, amid concerns over the impact of global economic policies.
The decline extended to Ethereum, Solana, and XRP, each losing over 8%. Analysts noted that the market is experiencing pressures similar to those seen during the crypto winter of 2022, when rising interest rates hit the industry hard.
This downturn followed the announcement of a 25% tariff on imports from Canada and Mexico, along with an additional 10% tariff on Chinese imports, further escalating trade tensions and unsettling financial markets. Asian stocks and European stock futures also fell, with cryptocurrencies among the most affected assets.
This decline highlights the challenges facing Bitcoin, which was previously buoyed by expectations of crypto-friendly policies. With geopolitical uncertainty persisting, markets are closely watching the $70,000 support level, as investors question whether the market can withstand these pressures.
