Bitcoin Drops Sharply as Tariffs Take Effect and Strategic Losses Mount
Bitcoin fell sharply on Wednesday, wiping out most of its recent gains as steep trade tariffs imposed by U.S. President Donald Trump came into effect, triggering widespread losses across financial markets.
Sentiment toward Bitcoin was also hit by an announcement from Michael Saylor’s company, MicroStrategy (NASDAQ:MSTR) — the largest publicly listed holder of Bitcoin — reporting an unrealized loss of $5.91 billion on its digital asset holdings.
Bitcoin's losses extended to the broader cryptocurrency market, tracking sharp declines in risk-driven markets as sentiment deteriorated amid fears of an imminent global trade war. The reciprocal trade tariffs imposed by Trump officially took effect Wednesday, prompting anger and retaliation threats from several major economies.
Bitcoin dropped 4.2% to $76,523.5 by 9:41 AM Saudi time, after falling to a low of $74,600. Market sentiment was further dampened by Bitcoin forming a "death cross" — a bearish technical indicator — earlier this week
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