Bitcoin dips below $80,000 after dropping over 3% in two hours, dragging crypto market downward
Quick Take
- The price of bitcoin dropped below $80,000 on Sunday as the cryptocurrency market experiences a significant dip amid macroeconomic uncertainty brought on by U.S. President Trump’s tariff announcements.
- The Block’s GMCI 30 index of the top 30 cryptocurrencies is down over 6% in the past 24 hours, as the crypto market dips ahead of international stock markets reopening on Monday.
- The ratio of BTC’s price compared to ETH has also fallen to a five-year low.
The crypto market experienced a significant dip on Sunday as international markets began to open to an uncertain macroeconomic environment, sending the price of bitcoin below $80,000 for the first time since early March.
The world's largest cryptocurrency fell over 3% in just two hours on Sunday; it's currently down a total of 3.4% in the past 24hours, according to The Block's Bitcoin Price page. Its rival Ethereum has fared even worse, having fallen nearly 8% in the past 24 hours. The ETHBTC ratio of the two leading tokens' prices is currently near its five-year low, according to TradingView data.
The Block's GMCI 30 Index performance since the start of the month.
The top 30 cryptocurrencies in total are down over 6% over the past day, according to The Block's GMCI 30 index. Year to date, the index is down over 32%.
Bucking the trend, Pi Network (PI) has gained about 1.52% over the past day, and ZCash is up 0.7%, according to The Block's price data.
The significant dip comes as international markets begin to open after a weekend in which U.S. President Trump made no indication that he plans to ease up on the significant tariffs he imposed on most other nations last Wednesday, triggering the worst stock performances since 2020.
Injective CEO Eric Chen previously told The Block that Bitcoin may be holding up better than altcoins "...because its market structure has fundamentally changed post-ETF, with demand now coming from retirement accounts, macro funds and corporate treasuries like MicroStrategy (MSTR) and GameStop (GME)."
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