Former U.S. President Donald Trump imposed reciprocal tariffs against several countries, causing Bitcoin to fall below the $80,000 mark.
As of 7:50 a.m. on the 7th, the global market tracking site CoinMarketCap reported that the price of Bitcoin was $77,787. Following the breach of the $80,000 mark, it also fell below $79,000. The significant decrease in Bitcoin's price led to a substantial drop in the overall virtual asset market. Ethereum, the second largest by market capitalization, fell 12.59% to $1,569, while Ripple decreased 10.26% to $1.91.
Bitcoin began to show weakness starting on the 3rd, the day after President Trump announced the policy of imposing reciprocal tariffs, fluctuating around the $80,000 mark before sharply declining today. Earlier, on the 2nd, as President Trump announced the reciprocal tariffs, the market was thrown into a panic. During the weekend on the 4th, all three major indexes on the New York Stock Exchange in the U.S. closed down more than 5%.
Last week, even when global stock markets and international gold prices fell, Bitcoin maintained a range between $80,000 and $90,000. However, starting from last weekend, analysts noted that investors began to sell off a significant amount of virtual assets, anticipating further declines in the stock markets.