Crypto “decoupling was fun while it lasted”
The crypto market was relatively unscathed from last week’s tariff carnage on the stock market, but that’s not the case anymore, as Tyler Winklevoss found out.
The decoupling was fun while it lasted.
— Dennis Porter (@Dennis_Porter_) April 6, 2025
Bitcoin’s and the overall crypto market are having a rollercoaster of a day. Bitcoin’s price neared preelection levels early Monday, dropping to $74,465, its lowest intraday level since November 6.
Next came a brief moment where the market thought Trump might delay tariffs, sending everything back in the green. This spike quickly reversed course after the White House called the report “fake news,” though bitcoin and other cryptocurrencies are still slightly in the green for the day as of 11:25 a.m. ET.
Overall, billions have been wiped out of the crypto market cap, which as of writing is at $2.56 trillion, a more than 7% drop, according to CoinGecko data. Meanwhile, CoinMarketCap’s fear and greed index is at 17, indicating “extreme fear.”
Nic Puckrin, founder of Coin Bureau, said that bitcoin breaking below a major support level of $79,000 on increased volume is “certainly a concerning sign and invalidates the decoupling narrative that was being discussed over the weekend.”
“If we see the price bouncing back past $81,000 and holding above this resistance level, that would provide more short-term confidence, but we’re not out of the woods until we get past $92,000,” Puckrin said. “President Trump also remains a wild card, though it appears he isn’t prepared to switch course in any way. But anything could still happen, and this uncertainty is the biggest enemy of risk assets.”
ethereum, the second-largest crypto, is also suffering, down 12% over the last 24 hours and over 54% year-to-date.
