Market Reactions Amid Tariff Tensions
In recent days, the terms “decoupling” and “safe haven” have gained traction as Bitcoin (BTC) has managed to maintain its value despite the ongoing decline in stock markets. This downturn has been largely fueled by President Trump’s far-reaching tariffs imposed on U.S. trading partners. However, Bitcoin enthusiasts may be celebrating prematurely.
With stock trading paused for the weekend, anxious investors seem to be flocking to the 24/7 cryptocurrency markets to place bearish bets. As of late Sunday afternoon, Bitcoin is trading just above $79,000, reflecting a decline of 5% from the previous day.
Other major cryptocurrencies are experiencing even steeper losses. For instance, Ether (ETH) has plummeted by 11%, now sitting at $1,590, while Solana (SOL) has dropped by 10%, currently valued at $107.
The phrase “Black Monday” is trending on social media platform X, harkening back to Monday, October 19, 1987, when the Dow Jones Industrial Average saw a staggering loss of nearly one quarter of its value in a single day. At that time, the catalyst for the crash was the looming threat of a currency war, as articulated by then Secretary of the Treasury, James Baker.
As the night progresses, stock index futures will begin trading at 10 PM UTC, potentially setting the stage for further market volatility.
