Bitcoin dropped below $75,000 on Monday, driven by concerns over US President Trump's tariff package, leading to a 10% market-wide decline. Ethereum also fell by 22%, contributing to a broader downturn in the cryptocurrency market.
The largest cryptocurrency Bitcoin's value fell below $75,000 on Monday due to the ongoing uncertainty about US President Donald Trump's tariff package.
The value of the global cryptocurrency market, including Bitcoin, decreased by about 10.58% in 24 hours to $2.39 trillion, Coinmarketcap data showed.
The price of Bitcoin has fallen more than 10% in the last 24 hours to below $75,000 amid uncertainties about the possible consequences of the US' aggressive tariff policy.
Bitcoin, which was traded at $74,980 as of 0700GMT, had a weekly gain of 8.36%.
The US tariff package has raised concerns that a large-scale trade war could erupt which could lead to a global economic slowdown.
Many trading partners, including China and the EU, have already announced countermeasures.
Before Trump announced on April 2 that the US would impose tariffs on 185 countries, the price of Bitcoin was still worth about $87,000.
Trump had promised to make the US the crypto center of the world by supporting digital assets in his election campaign, and he also has a "national bitcoin reserve plan."
Trump is seen as a supporter of digital currencies but has so far failed to fulfill the hopes of crypto supporters.
Bitcoin hit an all-time high of over $109,000 on the day Trump took office.
The price of Ethereum, which ranks second in terms of market capitalization after Bitcoin, also fell about 22% to $1,421.
