Bitcoin Dips Below $75K as Trump’s Trade Policies Trigger Market Panic
Bitcoin slid by 10% in the past 24 hours, briefly touching just under $74,700 amid mounting fears over U.S. trade tensions. The drop comes as former President Donald Trump’s escalating trade war rhetoric continues to rattle global investors.
According to Standard Chartered’s digital assets head Geoff Kendrick, the weekend’s crypto action could be a warning sign for traditional markets. “Sunday crypto moves often foreshadow Monday’s stock market behavior,” Kendrick noted in a client memo. “If that trend holds, we could be in for a rough open.”
Market Mayhem Ahead
Pre-market indicators point to significant losses, with futures for the Nasdaq and S&P 500 plunging over 4.6% early Monday. If these predictions hold, a major sell-off could hit when U.S. markets open at 9:30 a.m. ET.
This follows Friday’s sharp losses: the Nasdaq 100 plummeted over 5%, and the Dow Jones Industrial Average shed more than 2,200 points. CNBC’s Jim Cramer called the situation “a man-made obliteration,” likening the setup to the days leading up to the infamous 1987 crash. “We’ll find out by Monday,” he warned on Mad Money.
Traders Brace for Recession
On Polymarket, a popular prediction platform, bets on a 2025 U.S. recession surged to 65%, up sharply from under 40% just days earlier. The crowd also pegs Bitcoin’s odds of staying below $78,000 by April 11 at 67%.
Despite the current volatility, Kendrick believes Bitcoin may come out stronger. He maintains that the cryptocurrency still holds long-term appeal as a hedge—not quite “digital gold,” but a viable alternative during times of economic uncertainty.
Bitcoin vs. Big Tech
Kendrick has long argued that Bitcoin outpaces Big Tech over time. He’s even proposed that if Bitcoin replaced Tesla in the "Magnificent Seven" lineup—which includes Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—the rebalanced group would’ve outperformed the original in five of the past seven years.
“Bitcoin may benefit from today’s climate of U.S. isolationism,” Kendrick wrote. “Tariff risks and skepticism around fiat currencies could push more investors toward decentralized assets.”