After holding relatively steady during the recent turbulence in global markets, cryptocurrencies have now joined the broader sell-off.
Bitcoin, the world’s most well-known cryptocurrency, fell below $75,000 on Monday morning before seeing a slight rebound.
Prices hadn’t dipped this low since shortly after Donald Trump’s election victory last year—a moment that sparked a major bull run in the crypto market. The president, whose remarks on tariffs triggered widespread stock sell-offs, has been a vocal supporter of the crypto industry, even taking credit when Bitcoin surpassed $100,000 in December. Since taking office earlier this year, Bitcoin has been on a relatively steady downward trend.
Bitcoin supporters often describe it as a form of “digital gold” that can serve as a safe haven during market volatility. However, independent crypto analyst Garrick Hileman noted that the recent price drop suggests that theory still hasn’t held up. “It’s just not there today,” he said. Bitcoin, he added, “is trading more like a risky tech stock.”
Other major digital assets also experienced significant one-day losses on Monday morning.
Ether, the second most popular cryptocurrency, was trading around $1,500 on Monday—down nearly 50% since President Trump’s son, Eric Trump, encouraged his social media followers to buy Ether back in early February.
Even President Trump’s own meme coin—launched just before he took office and once peaking at over $70—plunged below $8 on Monday morning.
Crypto-focused stocks also saw declines in early trading to start the week.
