BTC Bears Target $70K, ETH Nosedives 10% Amid Worldwide Fallout From Trump Tariffs

Bitcoin (BTC) briefly fell to $75,000 early Wednesday before recovering slightly, as sweeping global tariffs announced by former President Trump officially took effect, sparking fresh waves of risk aversion across financial markets.

Ether (ETH) led the slide among major cryptocurrencies, plunging 10%, while other top assets — including XRP, DOGE, BNB, SOL, and ADA — each dropped more than 5%. The total crypto market cap declined by 6%, extending a weeklong slump to nearly 15%.

Losses were even deeper among smaller and more speculative tokens. Berachain’s BERA tumbled 20%, while memecoins like BONK, PEPE, and FLOKI all fell over 9%.

Tuesday’s brief relief rally in crypto was completely erased, as traders fled risk assets in response to the White House’s aggressive trade stance. The new tariff regime imposes a 104% duty on Chinese goods, with heightened import taxes also hitting more than 60 other trade partners.

Meanwhile, U.S. bond markets signaled rising distress. Thirty-year Treasury yields surged over 20 basis points to 4.98% — a dramatic move that defied the asset’s traditional role as a safe haven. Such volatility has raised alarms among market analysts.

“Something has broken tonight in the bond market. We are seeing a disorderly liquidation,” warned Jim Bianco, founder of Bianco Research. He noted that the 30-year yield has jumped 56 basis points since Friday’s close — a move not seen since January 1982, when yields stood at a staggering 14%.

Bianco speculated this unprecedented spike may be due to a massive forced liquidation rather than deliberate fund management decisions.

“This kind of historic move is caused by a forced liquidation, not human managers making decisions about the outlook for rates at midnight ET,” he posted on X.

Rising yields also mean falling bond prices and a higher cost of borrowing for the U.S. government — a troubling sign as the federal deficit continues to balloon under mounting debt.

With fears of a prolonged trade war now looming, investors are bracing for a knock-on effect across global supply chains and economic growth — with U.S. equities and crypto expected to remain under pressure.

Bears in Control

Traders are now watching closely for a potential further drop in Bitcoin, with some eyeing the $70,000–$75,000 range as a near-term target.

“In the short term, investors should tread carefully,” said Ryan Lee, Chief Analyst at Bitget Research, in a Telegram message to CoinDesk. “If trade tensions intensify, a dip toward $70K is likely — but that also opens the door for long-term accumulation.”

Lee pointed to Bitcoin’s rising market dominance and ongoing institutional adoption as reasons for optimism, despite the current volatility.

“Dollar-cost averaging into Bitcoin remains a sound strategy. Altcoins like Solana could offer upside once the market stabilizes,” he added. “If macro conditions improve or regulatory clarity emerges, we could see Bitcoin climb back toward $95,000–$100,000 later this year, potentially pushing crypto’s total market cap beyond $3 trillion once more.”

Despite short-term headwinds, Lee believes the fundamentals — including Bitcoin’s halving cycle and increasing on-chain activity — remain supportive of a long-term bullish outlook.