Source: Cointelegraph Original: "{title}"

U.S. President Trump announced the implementation of global restrictive tariffs, triggering market panic. U.S. stocks recorded their worst single-day performance since 2020 last Friday (May 1). As a result of this shockwave, Bitcoin (BTC) plummeted significantly. 

According to Gate.io, Bitcoin fell by 8.07% in the past 24 hours as of Monday at 4:33 PM, dropping to $76,000. However, other cryptocurrencies experienced even more pronounced declines, with Ethereum (ETH) and Solana (SOL) dropping by 16.8% and 15.55%, respectively. For most of this year, Bitcoin's price has remained above $80,000, only briefly dipping below that during recent market fluctuations. Compared to the all-time high set in January of this year, Bitcoin is currently down 28%.

Many investors are currently comparing the situation to the "Black Monday" stock market crash of 1987. CNBC's well-known financial host Jim Cramer stated on social media platform X that there are currently no signs to rule out the possibility of a repeat of such a "Black Monday." He added, "Those trying to catch the bottom may have already 'sunk to the bottom of the sea,'" implying that bottom-fishers are generally suffering heavy losses.

Cramer also pointed out that while there are circuit breakers in the market that may temporarily slow down the pace of declines during a crash, this does not mean that the market trend will necessarily reverse.

Bitcoin's recent price movements have elicited different reactions among traders. Well-known analyst Daan Crypto Trades believes that Bitcoin's volatility is continuing to contract, while Wall Street's fear index (VIX) has risen to its highest level since the pandemic crash in 2020. He stated that such a stark contrast between the traditional stock market and the crypto market is quite rare, and he expects Bitcoin to experience significant volatility this week, with the specific direction depending on the opening performance of U.S. stocks.

Some traders believe that this decline is merely a short-term correction. Analyst Cas Abbe thinks that the current correction is very similar to the flash crash of Bitcoin in August 2024 and the brief adjustment that followed the approval of ETFs. He stated that if Bitcoin can close above $92,000 this week, it will confirm its return to an upward trend.

Meanwhile, Bitcoin long-term bull Max Keiser predicts that if the global market truly experiences a crash similar to the "Black Monday" of 1987, it could stimulate a massive influx of funds into Bitcoin as a safe haven. He even believes that Bitcoin could surge to $220,000 by the end of this month. In response to Jim Cramer's post, he wrote: "A 1987-style super crash will force trillions of dollars to seek the ultimate safe haven—Bitcoin, which will drive Bitcoin to challenge $220,000 this month."

As a mainstream crypto asset, Bitcoin's movements typically resemble those of large tech stocks and are often viewed by traders as a barometer of market sentiment. However, last week, Bitcoin performed strongly against the backdrop of a widespread global market decline, maintaining a range between $82,000 and $83,000, and closing higher despite declines in both the stock market and gold.  

The latest round of Bitcoin's decline has triggered a massive liquidation of long positions. Investors who were long on Bitcoin were forced to close their positions and sell assets to cover losses. According to CoinGlass, in the 24 hours leading up to Monday at 4:33 PM, the value of liquidated long positions in Bitcoin exceeded $406 million, while Ethereum's liquidations during the same period also reached $405 million. 

Bitcoin has fallen 18% this year, and due to a lack of cryptocurrency-specific catalysts, the market expects Bitcoin to continue to fluctuate in sync with the stock market, as concerns over a global economic recession overshadow the regulatory tailwinds that could have benefited cryptocurrencies this year.  

Since Trump's return to the White House, the market seems to have gradually adapted to high-intensity drama and continuous news headlines. Executive orders from the White House are reshaping America—from stripping LGBTQ+ rights to abolishing environmental regulations, the entire country is shrouded in an atmosphere of "sliding into authoritarianism." 

Yet even against this backdrop, last week's situation was particularly striking. Trump officially ignited a global trade war, imposing tariffs on major trading partners, which directly triggered a crash in global financial markets, causing hundreds of billions of dollars in market value to evaporate on Wall Street in an instant. 

Panic over a recession in the U.S. economy is intensifying. JPMorgan Chase analysts raised the probability of a global economic recession to 60% last week; Goldman Sachs also downgraded its forecast for U.S. economic growth, now estimating a 45% chance of the U.S. entering a recession in the next 12 months, up from a previous estimate of 35%. The U.S. is also mentally preparing for a strong return of inflation, which was a key reason for Biden's loss of public support.

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