Market Update: Bitcoin Falls Below $75,000, Ethereum Plunges

The crypto crisis, sparked by Donald Trump's protectionist trade policy, doesn't seem to be over yet.

The crypto crisis, sparked by Donald Trump's protectionist trade policy, doesn't seem to be over yet. After a slight bounce on Tuesday, total market cap has fallen again to 2.43 trillion USD.

In the early morning hours Bitcoin briefly slid to $74,630, the lowest point of 2025 so far. It has since recovered somewhat and is trading around $76,500, down 4.1% from yesterday.

Ethereum looks worse. The number two by crypto is currently at only $1,460. That’s down 8.1% since yesterday and 21.5% from a week ago.

The drop comes as tensions between the US and China rise again. Since this morning there are import tariffs of 104% on Chinese goods. Trump seems to be betting that China will concede under pressure at the negotiating table.

Meanwhile, within Trump's circle, tensions are brewing. The relationship with adviser Elon Musk shows cracks. In a View post on X on X (formerly Twitter), Musk goes after Trump's trade expert Navarro: “Navarro is really an idiot. What he’s saying here is demonstrably false.”

Still, some cryptos are faring a bit better. Ripple (XRP) falls 4.5% to $1.81, Tron (TRX) loses 2.7% to $0.227. Binance Coin (BNB) is holding up relatively well with a 2.5% drop, at $548.

Meanwhile, the US S&P 500 index drops below the psychological 5,000 level, but gold rises to $3,020, near its record high. The precious metal reaffirming its status as a safe haven in uncertain times.

Some on-chain data are signaling the start of a new crypto bear market. Other analysts are hopeful for rate cuts that could spark a new bull run.