President Trump’s tariff announcement has seen a sharp decline at the stock market
Analysts are warning that the US is heading for a ‘Black Monday’ after a sudden $1.3 trillion crypto meltdown.
Cryptocurrency prices have faced a sharp decline following the stocks that plummeted in the wake of President Donald Trump’s tariff announcements.
While last week, Bitcoin was sitting at around $90,000, it has now plunged below $77,000.
And the entire crypto market has seen a whopping $1.3 trillion taken from its value.
Now, experts fear that this could result in a full blown crash of the market.
Charlie Sherry, who is the head of finance and crypto analyst at BTC Markets, spoke to Forbes where he said: “Bitcoin has recently lost the key $79,000 to $80,000 support level, which it had managed to hold for the past month.
Bitcoin has dropped below $76,000 (Anna Barclay/Getty Images)
“This support level had marked the bottom of the range after the all-time-high pullback. The next key support lies around $72,000, which was the pre-election high.”
Geoffrey Kendrick, Standard Chartered Bank’s head of crypto, added: “Sometimes crypto movements on Sunday tell you what stocks are going to do Monday. If that is the case, Monday could be ugly.”
On Friday, the UK’s FTSE 100 had its worst day of trading since the early days of the pandemic, with firms set to suffer significant losses.
Jim Cramer, market analyst and CNBC host, has also warned that the US could be heading for a financial disaster.
Black Monday described the crash in 1987 where stocks saw a 22.6% drop in just one day and there are now fears that we could be facing a similar situation.
During his show on Saturday, Cramer said: “If the president doesn’t reach out and reward countries and companies that follow the rules, then the 1987 scenario… where we dropped for three days and then plunged 22% on Monday, becomes highly relevant.”
An analyst has warned that the US could be heading towards a Black Monday (Yuichiro Chino/Getty Images)
Since then, the crypto market has been experiencing sharp losses as of this morning (April 7).
A whopping $250 billion has been wiped from the entire global cryptocurrency market cap.
This is a 9.29% decline since Trump first announced his global tariffs last Thursday (April 3).
JP Morgan has predicted that there is now a 60% chance of a global recession happening before the end of the year.
In a note, the brokerage said: “Disruptive US policies have been recognized as the biggest risk to the global outlook all year.
“The effect … is likely to be magnified through (tariff) retaliation, a slide in US business sentiment and supply-chain disruptions.”
Featured Image Credit: Yuichiro Chino/Getty Images
The so-called ‘crypto king’ has commented on the future of digital currencies under President Donald Trump in a new interview with Tucker Carlson.
President Donald Trump has been busier than ever during his (latest) first 100 days, and when not finding time to rename the Gulf of Mexico, wage war on immigration, and let thousands go as part of the Department of Government Efficiency’s cuts, he’s been vowing to ‘Make America Crypto Again’.
While the POTUS once slammed Bitcoin as a ‘scam’, he soon came around to the idea and even became the first President to order goods with cryptocurrency when he chowed down on a Bitcoin burger in September 2024.
We’ve already seen cryptocurrency prices rally following a period of fluctuation, and with Trump now signing his “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile” executive order, things are set to continue climbing.
Bankman-Fried is currently serving 25 years in prison (Michael M. Santiago / Staff / Getty)
Although the reserve is said to save taxpayer money by being made up from seized crypto from the likes of Silk Road’s Ross Ulbricht, the fact that his ill-gotten gains will be added to the pot doesn’t seem to phase the so-called ‘Crypto King’, Sam Bankman-Fried.
Unlike Ulbricht, who was freed from his life sentence as part of Trump’s January pardons, Bankman-Fried still sits in his jail cell and apparently hangs out with P. Diddy every day.
For those who don’t know, Bankman-Fried is the former FTX CEO who was arrested in the Bahamas in December 2022 over allegations of fraud and other related crimes. FTX collapsed, and in the aftermath, Bankman-Fried was sentenced to 25 years in prison and made to forfeit $11 billion.
Discussing his current incarceration and what he thinks the future of crypto looks like under Trump with Tucker Carlson, Bankman-Fried said he thinks the POTUS is the right guy for the job.
It was revealed during Bankman-Fried’s trial that he donated $119 million to politicians during the 2022 election cycle, but according to him, he thinks Joe Biden left him to rot because he was also donating to the Republican Party. SBF also went on to bash Securities and Exchange Commission Chair Gary Gensler, saying regulation under him was “something of a nightmare.”
As for Trump’s new regime, Bankman-Fried gushed: “You look at what the Trump administration said, you know, going into office.
“There are a lot of good things. There are a lot of things that were very different from the stance that the Biden administration took, that you guys around the SEC took.”
As for where things go next, Bankman-Fried referred to the ‘obstructive’ SEC but said that things are ‘hopeful’ as he added: “Obviously, the follow-through is what matters, and that’s where we’re at now.
“Changing the guard helps, but financial regulators, they’re big giant bureaucracies in the federal government. They’re not used to changing overnight.”
There are still some questions about whether Trump can get past all the red tape, and in Bankman-Fried’s own words: “When rubber meets the road, will the administration do what needs to be done and figure out how to do it?”
As for Bankman-Fried’s glowing review of Trump, it comes at a seemingly convenient time, considering his parents are appealing to the President for a pardon. Whether this really is the golden age for crypto in America or not, it looks like Sam will be watching from his cell for the foreseeable future.
Featured Image Credit: ANGELA WEISS / Contributor / Getty
There’s been a recent slump in Bitcoin, while Trump’s meme coin has lost $12 billion of its value.
Things could soon be on the up, with the POTUS announcing a crypto reserve to “make sure the US is the crypto capital of the world.”
Although Trump told Fox News that crypto is a ‘scam’ in 2021, he’s since done a U-turn and even became the first former President to use Bitcoin in a public transaction when he bought a burger.
Trump is looking to found a crypto reserve in the USA (Bloomberg / Contributor / Getty)
After signing his “Strengthening American Leadership In Digital Financial Technology” executive order in January, cryptocurrency prices are currently rallying following the announcement of a crypto reserve.
The executive order will create a stockpile of digital currencies that include Bitcoin, Ethereum, XRP, Solana, and Cardano (ADA).
Writing on Truth Social, Trump confirmed: “A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
In a follow-up post, he added: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum!”
The announcement saw Bitcoin rise by 11% to $94,164, while Ethereum climbed by 13% to $2,516. Solana jumped by 25%, XRP by 33%, and Cardano soared by 60%.
In general, Bitcoin is trading at around 20% more than its recent lows and fears it was facing a ‘heliocentric reckoning’.
CoinGecko reports that the entire cryptocurrency market rose by about 10%, which works out at an impressive $300 billion.
Speaking at 2024’s Bitcoin conference, Trump spoke about the idea of a Bitcoin stockpile that would “keep 100% of all the Bitcoin the US government currently holds or acquires into the future.”
The idea of a Bitcoin reserve has been championed by crypto supporter, saying that something akin to Fort Knox holding gold could help boost the legitimacy of digital currencies. Things are on the move, with one Republican-backed Senate bill asking the US Treasury to buy one million bitcoin, which would be worth about $93 billion.
Either way, Trump is confident that he has ended “Joe Biden’s war on bitcoin and crypto,” adding: “We ended that war totally.”
Whether this upward trajectory will continue remains to be seen, but with the POTUS hosting the first White House Crypto Summit on March 7, we expect things will at least be on the up for a while.
Featured Image Credit: Andrew Harnik / Staff / Getty
Imagine having so much wealth you can simply ‘forget’ about potential millions sitting in the bank. That’s what apparently happened to Curtis James Jackson III, or as you might know him, 50 Cent. As well as being the man behind hit singles including “In Da Club” and “P.I.M.P.”, Jackson has taken his career beyond music to appear in everything from Spy to the Escape Plan movies. When not spitting lyrics or acting in front of the camera, it turns out 50 Cent is something of a crypto bro. Well, if he can remember where he put his wallet.
Back in 2014, 50 Cent was an early adopter of cryptocurrency and let fans pay for his album with Bitcoin.
If you haven’t heard of “Animal Ambition”, you aren’t alone. 50 Cent only made 700 Bitcoin from the release of “Animal Ambition” and then promptly forgot about it.
Still, with Bitcoin hitting an all-time high and crossing $100k, it would be worth a jaw-dropping $69,156, 878 at the time of writing.
Back when the album was first released, Bitcoin was only worth $662. Consumers were encouraged to get a copy of the album for a fraction of a singular Bitcoin, with his 700 BTC equivalent only pulling in $400k.
When TMZ first reported the news in 2018, the haul was reportedly worth $7-$8 million, showing just how much Bitcoin has soared – you can thank the American election for that one.
Confirming the news back then, Jackson posted a screenshot of the article on Instagram and wrote: “Not bad for a kid from South Side, I’m so proud of me.”
He also shared a shot of him surrounded by Bitcoins and added: “A little bit coin anyone? LOL. l know l make you sick but excuse me I’m getting to the bag.”
In a bizarre twist, The Blast apparently obtained bankruptcy court documents where Jackson claims he never owned any Bitcoin, and maintains that what was invested in “Animal Ambition” was converted into USD before it reached him. He says he went along with the TMZ story because it made him look good.
Still, 50 Cent has made other lucrative moves, like earning somewhere in the region of $100 million when Coca-Cola bought VitaminWater for $4.1 billion.
Let’s also remember that shortly after filing for bankruptcy in 2015, 50 Cent signed on to star in and executive produce the TV show Power for a cool $150 million deal.
No one seems to know what he’s worth these days, with TikToker Frank Michael Smith claiming that while Jackson was worth $500 million in 2010, bankruptcy and other issues mean it was closer to $30 million in 2022. Then again, with him making the cover of The Hollywood Reporter in 2024 to talk about his wealth, it would suggest he’s doing pretty well again. Either way, it sounds like 50 Cent’s Bitcoin stash (if it existed at all) is long gone
Featured Image Credit: Elsa/Staff / OZAN KOSE/Contributor / Getty
Experts are warning people that Bitcoin is experiencing a ‘heliocentric reckoning’ after its historic high is followed by a major crash.
The cryptocurrency has fallen to its lowest point since November 2024, with its plummet having wiped almost half a trillion dollars from the market.
In January, Bitcoin hit a new record high of $108,000 but is now on a steep decline, currently sitting at $89,000.
Bitcoin shares have suffered a steep decline (Namthip Muanthongthae/Getty Images)
While the initial spike in the share value appeared to coincide with President Donald Trump’s election victory, the decline also seems to be related to the time he’s spent in the White House so far.
According to one expert, the latest fall for Bitcoin is due to Trump having not yet fulfilled any of his major promises after a month in office.
Speaking to The Independent, Petr Kozyakov, who is the co-founder and chief executive of the crypto payment infrastructure platform Mercuryo, said: “While the new Trump administration in the US has been vocal in its pro-crypto stance, the industry is still waiting for this to manifest in a tangible way in the form of measures such as a mooted Bitcoin Strategic Reserve.”
Kozyakov went on to say: “The cryptocurrency market is having a heliocentric reckoning as bitcoin slides below $89,000 amid a faltering US stock market.
“Rather than being at the centre of the financial universe, bitcoin’s place remains far out on the periphery as an ultra risk-on asset to be readily sold at the very hint of troubles ahead.”
In other crypto news, Bybit, which is a crypto exchange firm, fell victim to the largest digital heist in history after reporting over a billion dollars had gone missing.
The cryptocurrency hit a record high just last month (Anna Barclay/Getty Images)
Last Friday (February 21), a transfer of the cryptocurrency Ethereum was ‘manipulated’ by hackers who were able to transfer the huge sum to an unidentified address, according to Bybit.
The company went on to say that the incident led to a spike in withdrawal requests.
Bybit has said that its ‘swift and transparent crisis management ensured that the crypto market remained stable, with no significant price volatility’.
In a statement, the firm continued: “Despite the significant scale of the hack, Bybit’s 1:1 reserve guarantee ensured that client assets remained fully intact.
“Bybit CEO Ben Zhou reassured users that Bybit is solvent and can cover the loss, emphasizing that all client assets are backed on a one-to-one basis. This guarantee demonstrates Bybit’s financial stability and commitment to user security.”
