Bitcoin (BTC) is back under pressure, falling close to $75,000 on Wednesday after a brief attempt to reclaim the $80K level fizzled. The downturn follows the official implementation of sweeping U.S. tariffs, triggering a global wave of risk aversion across both traditional and digital markets.

Former President Trump’s trade offensive took full effect at midnight, slapping a massive 104% tariff on Chinese imports and raising levies on over 60 additional trading partners. The ripple effects were immediate and widespread.

Ether (ETH) led the slide among major tokens, shedding 10%, while XRP, DOGE, BNB, SOL, and ADA fell more than 5% each. The total crypto market cap dropped 6% in 24 hours, bringing the 7-day drawdown to nearly 15%.

High-beta assets took a steeper dive. Berachain’s BERA plunged 20%, and meme-favorites like PEPE, BONK, and FLOKI posted losses north of 9%, reflecting a broad retreat from risk.

Stocks didn’t fare much better. The S&P 500 and Nasdaq reversed early gains and turned negative by the session’s close. Bitcoin-linked equities followed suit: Bitdeer (BTDR) fell 8.7%, MicroStrategy (MSTR) declined 5.3%, and Coinbase (COIN) slipped 2.3%. DeFi Technologies (DEFTF) bucked the trend, jumping 10%, possibly buoyed by speculation about a U.S. listing.

Bond markets flashed their own warning signals. Yields on 30-year U.S. Treasuries spiked more than 20 basis points to 4.98%, with some observers warning of a potential forced unwind.

“These are not normal moves,” said Jim Bianco of Bianco Research. “When yields jump like this in three days, something behind the scenes is breaking — most likely a major liquidation.”

Rising yields and trade turmoil are casting long shadows, adding uncertainty to the already volatile macroeconomic outlook.

Crypto Bulls Brace for Next Move

Despite the turbulence, some analysts see the drawdown as more of a recalibration than a collapse.

“For now, the mood is defensive, but structurally nothing has changed,” said Ryan Lee, Chief Analyst at Bitget Research. “A pullback to $70,000–$75,000 remains on the table, but long-term fundamentals remain strong.”

Lee noted that institutional flows and Bitcoin’s increasing dominance point to deeper resilience, even as altcoins suffer sharper corrections. “Dollar-cost averaging at these levels could be a wise move,” he added.

He remains optimistic about a late-2025 resurgence. “If macro conditions stabilize and crypto-positive policy takes hold, Bitcoin could still push past $95,000 before year-end, reviving the bullish cycle.”

Until then, markets remain on edge, with investors watching macro headlines just as closely as price charts.