Bitcoin price dips below $75,000 amid global financial turmoil

Bitcoin’s price has plummeted to below $75,000, marking a sharp decline from the highs it reached earlier in the year.

The cryptocurrency, which had been trading above $83,000 just days ago, has been caught in the broader financial market crash triggered by what some are now calling "Black Monday," Caliber.Az reports, citing foreign media.

This latest downturn follows a string of events that began with Donald Trump's electoral victory in November 2024, when Bitcoin's value surged to above $100,000. However, since the peak just before Trump's inauguration in January 2025, Bitcoin’s price has steadily dropped, with its most recent dip coming in the wake of growing concerns over a potential recession.

Bitcoin’s recent fall is directly linked to the so-called “Black Monday,” with markets worldwide facing substantial losses. Speculation about a potential global recession, spurred by Trump’s trade policies, has been gaining traction. According to Polymarket, the probability of a US recession in 2025 has spiked from 38% to 64% over the past week alone.

As investors rush to rebalance their portfolios in anticipation of a downturn, Bitcoin, like other assets, has taken a hit. The traditional financial markets have also seen steep losses, with Hong Kong’s stock exchange falling 11% on April 7, while European and US markets prepare for significant losses when they open.

Bitcoin's performance in the first quarter of 2025 was its worst since 2015, with a loss of 11.7%. The cryptocurrency had typically seen gains during the early and late parts of the year, but fears of an impending bear market have clouded the outlook. Ethereum and other altcoins have fared even worse, with the total market capitalisation of the crypto markets, excluding Bitcoin and Ethereum, dropping by a staggering 28%.

Despite Bitcoin’s decline, there was some surprising news for precious metals: gold failed to continue its bullish trend. As the financial markets suffered, gold, which often serves as a safe haven during times of crisis, did not see the expected rise in value. This may suggest that markets had already priced in the current collapse, raising the possibility that the worst is already over.

The ongoing market slump suggests that the effects of a global recession may be priced into many assets. As markets await further developments, the key question will be whether the current collapse is nearing its end or if the downturn will continue. For Bitcoin, the coming days or weeks may offer clues as to whether the cryptocurrency will rebound or enter a prolonged period of uncertainty. Investors are now watching closely, hoping for signs of a potential recovery or at least stability in the near future.

By Aghakazim Guliyev