“I think this is the most bullish 8% drawdown I’ve ever seen in #bitcoin,” said Zach Pandl @LowBeta_ , head of research at @Grayscale.
Read the full @coindesk article https://t.co/g2r0rXe7KN
— Grayscale (@Grayscale) April 9, 2025
Bitcoin slid to $81,914.63 on Thursday, a 5% drop, as President Donald Trump announced new tariffs that jolted the stock market. Other major cryptocurrencies also fell, with some tokens declining as much as 11%. Stocks across the market posted their biggest one-day loss since 2020.
Notable companies saw declines of roughly 7% to 10%.
Bitcoin Surges After Trump’s ‘Crazy’ Reprieve on Most Tariffs: https://t.co/1TNQCWUjLm via @crypto
— Muyao @muyaoshen.bsky.social (@MuyaoShen) April 9, 2025
Investors were rattled after Trump unveiled sweeping tariffs of at least 10% on certain countries, intensifying fears of a global trade war. Ben Kurland, CEO at crypto research platform DYOR, said, “Bitcoin moves at the intersection of narrative, liquidity, and leverage.
Trump on the market going back to below where it was last week: "I guess they say it was the biggest day in financial history." pic.twitter.com/M5K4jQ3eUs
— Aaron Rupar (@atrupar) April 9, 2025
Bitcoin responds to trade tariffs
Right now, it’s mostly trading like a high-beta macro asset, tracking real yields, rate expectations, and dollar strength.”
“Yields pulled back, risk assets caught a bid, and bitcoin responded instantly,” he added. “It’s not about crypto fundamentals today; it’s about global liquidity signals and positioning.
When real rates dip and the dollar softens, bitcoin breathes.”
Bitcoin has been trading in the $80,000 to $90,000 range for most of the past month, taking cues from the equities market. However, crypto markets showed resilience relative to equities, noted David Hernandez, a crypto investment specialist at 21Shares. He pointed out that bitcoin holding above key technical support signals strong underlying demand.
Hernandez said, “Although the tariff rates were slightly higher than expectations, the announcement provided much-needed clarity on the scope and scale of the policy. Markets thrive on certainty, and with speculation now largely removed, institutional investors may see an opportunity over the coming days to take advantage of compressed valuations.”
