Bitcoin Slides Toward $75K Amid Trump Tariffs, Market Panic Deepens

Bitcoin (BTC) dipped close to $75,000 early Wednesday before recovering slightly, as former President Donald Trump’s sweeping global tariffs sparked broad sell-offs across financial markets. Ether (ETH) led losses among major altcoins with a 10% drop, while XRP, DOGE, BNB, SOL, and ADA all sank over 5%. The total crypto market cap fell 6%, extending its 7-day decline to nearly 15%.

Smaller-cap tokens were hit even harder. Berachain’s BERA plummeted 20%, while memecoins like BONK, PEPE, and FLOKI fell over 9%, underscoring the market's risk-off sentiment. The downturn erased Tuesday’s relief rally gains as traders reacted to Trump’s aggressive tariff plan—raising duties on Chinese imports to 104% and targeting over 60 trade partners.

Meanwhile, U.S. Treasury yields soared, with 30-year bonds jumping 56 basis points in just three trading days to 4.98%, signaling a rare and disorderly market event. Analysts, including Bianco Research’s Jim Bianco, attributed the spike to a possible forced liquidation rather than traditional trading behavior. Such volatility in bonds is further unsettling investors already nervous about mounting inflation, recession risks, and a ballooning U.S. deficit.

Market participants now fear that prolonged trade tensions may dampen global growth and hurt U.S. equities and crypto alike. Bitcoin’s next support level appears to be between $70,000 and $75,000, but analysts like Bitget’s Ryan Lee suggest this could be a long-term buying opportunity. He forecasts a rebound to $95,000–$100,000 by late 2025, supported by institutional interest and the post-halving cycle.

Despite altcoin weakness, Bitcoin’s dominance nearing 60% reflects growing investor trust in its resilience amid macroeconomic turbulence.