Bitcoin and other cryptocurrencies are plunging as they continue to bear the brunt of the tariff war. However, US President Donald Trump believes that he is not intentionally manipulating the market sell-off.
Amid Bitcoin’s Fall, Trump Says Market Needs Its Medicine
Amid a sharp drop in US stock futures and the crypto market, US President Trump stated in an interview that the market manipulation causing the sell-off is not intentional. He mentioned having discussed tariff issues with European and Asian leaders and expressed his inability to predict market movements. When asked about the market performance, he referred to the market sometimes needing to “take its medicine.”
Note that the consequent plunge is not just limited to the crypto market, but extends to the global economy. For instance, Japanese and South Korean stock markets experienced a sharp decline at opening. The Nikkei 225 Index opened down 1.9% on Monday, and the South Korean KOSPI Index opened down 4.3%.
Earlier, the Nikkei 225 Index and TOPIX Index futures triggered a circuit breaker after a sharp decline, leading to a temporary trading halt.
Meanwhile, Bitcoin fell below $78,000 today and was trading at $77,619. Currently, Bitcoin is valued at $78,425, which is still down by 6.06% in the past 24 hours.
Ethereum has also gone down by over 12%, to $1,585.8 as other cryptos continue the downtrend.
In fact, the global crypto market cap is $2.48 trillion, which is a 7.45% decrease over the last day.
The total crypto market volume over the last 24 hours is $98.68 billion, reflecting a 128.15% increase. The total volume in DeFi is currently $5.91 billion, 5.99% of the total crypto market 24-hour volume. The volume of all stablecoins is now $92.62 billion, which is 93.86% of the total crypto market 24-hour volume.
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