Shafaq News/ Bitcoin and other cryptocurrencies fell sharply on Monday as investors reacted to heightened global trade tensions following new US tariff announcements.

Bitcoin dropped as much as 7% overnight to $77,077, its lowest since mid-March, while Ether declined to $1,538, a level last seen in October 2023, according to Bloomberg News. The selloff followed a weekend of rising volatility across markets amid continued uncertainty over U.S. trade policy.

The declines came as US equity-index futures slipped and the yen strengthened, indicating broader investor caution. The latest pullback adds to losses from last week after Washington introduced fresh tariffs targeting several countries.

About $745 million in long crypto positions were liquidated over the past 24 hours, data from CoinGlass showed — the highest daily total in nearly six weeks.

“Macro is driving the action right now,” said Cosmo Jiang, general partner at crypto investment firm Pantera Capital. “The tariff-driven pullback is idiosyncratic and not because of deeper issues in our economy.”

Markets have been closely watching for further developments as President Donald Trump maintains a firm stance on trade, with investors bracing for additional volatility. Some analysts say the crypto market, which had rallied following Trump’s pro-crypto comments during his election campaign, could face more pressure if uncertainty persists.

Broader market indicators also pointed to investor caution. All categories tracked in PYMNTS’ CE 100 Index declined last week, with banking stocks down nearly 16% and payments companies losing 11%, the firm said.

Analysts warned that continued pressure on equities, combined with signs of cooling in the U.S. labour market, could weigh further on risk appetite.