Bitcoin price today: Trump tariffs cause a plunge to $77,000; focus on "Black Monday"

Bitcoin fell sharply to a near one-month low in early trading on Monday, extending its recent decline as risk appetite plummeted after U.S. President Donald Trump imposed high trade tariffs and triggered a global trade war.

Traders are wary of a potential "Black Monday" event similar to the 1987 market crash, and global stocks could plunge further on Monday after recording large losses in the past week.

The cryptocurrency market fell sharply in tandem with the stock market, and the global appetite for risk-driven stocks generally faded. The total market value of cryptocurrencies has also shrunk by about $500 billion since last week.

Bitcoin fell as much as 7% to $77,171.1, and then recovered slightly to $78,290.7 at 19:54 on Monday (7:54 on Tuesday Beijing time). The world's largest cryptocurrency is close to a one-month low after a sharp drop in the past week.

Trump's tariffs hit global markets hard, and cryptocurrencies suffered setbacks

Trump's tariff policy has caused global stocks to evaporate about $4 trillion since last Wednesday, and the cryptocurrency market has also fallen in tandem.

Faced with growing economic uncertainty under Trump, traders turned to risk aversion, especially as several countries targeted by Trump condemned tariffs and outlined retaliatory measures.

Speculative assets such as cryptocurrencies were hit particularly hard amid heightened risk aversion, with traders primarily opting for safe havens such as the yen and gold.

Bitcoin's decline was exacerbated by the transfer of nearly $160 million in Bitcoin to cryptocurrency exchange Kraken - a move that could signal potential selling by major "whale" investors.

This has traders on alert for a potential "Black Monday" event, especially if U.S. markets fall further later in the day. Any losses in the stock market could spread to the cryptocurrency market.

Cryptocurrency Prices Today: Altcoins Plunge, Test Recent Lows Amid Risk Aversion

Broader cryptocurrency prices plunged in tandem with Bitcoin, with Ethereum, the world's second-largest cryptocurrency, falling nearly 13% to $1,577.30 - its lowest level since October 2023.

XRP fell 11.4% to $1.9033, while Solana, Cardano, and Polygon all dropped more than 10%.

Among meme tokens, Dogecoin fell nearly 13%, while $TRUMP plunged 15% to a new all-time low of $7.87.