Bitcoin Slips Under $87K Amid Major Downturn in Crypto Markets

Bitcoin Drops Below $87K as Crypto Market Reverses Gains; Stocks Struggle Amid Tariff Concerns

The post-Trump crypto rally has mostly evaporated, with Bitcoin (BTC) and other major digital assets retreating as investor sentiment shifts toward economic uncertainty and upcoming U.S. tariffs.

As of mid-afternoon trading in the U.S., Bitcoin is changing hands at $86,700, nearly wiping out its gains from Sunday when President Donald Trump took to social media to promote the upcoming U.S. crypto reserve. Meanwhile, Ether (ETH) has fallen below its pre-announcement level, and the ETH/BTC ratio has declined to 0.025, marking a five-year low.

Other cryptocurrencies mentioned in Trump’s reserve plan—Solana (SOL), XRP, and Cardano (ADA)—have also surrendered a significant portion of their Sunday gains but remain slightly above pre-announcement prices.

“Crypto volatility remains heightened, with BTC and ETH still reflecting a put skew heading into the end of March,” crypto trading firm QCP Capital stated in a note to investors. “The broader market unease is also reflected in an elevated VIX, driven by concerns over the latest round of U.S. tariff escalations.”

Crypto-related stocks have mirrored the decline, with Core Scientific (CORZ) and Bitdeer (BTDR) turning negative after strong early gains. Semler Scientific (SMLR), a medical equipment firm that has adopted Bitcoin as part of its treasury strategy, is down 7.3% following news of a Department of Justice (DOJ) investigation into possible federal anti-fraud violations related to its QuantaFlo product, according to Stat News.

Beyond the crypto sector, the broader U.S. stock market is also under pressure. The Nasdaq is down 1.1%, and the S&P 500 has dropped 0.8% as investors brace for Trump’s tariffs on Mexico, Canada, and China, which are set to take effect tomorrow. Semiconductor giant Nvidia (NVDA) has taken a sharp hit, falling 6.5% after reports that three men in Singapore were charged with violating U.S. export controls.

“Markets are facing growing uncertainty around U.S. economic growth and the impact of tariffs, which will likely drive further volatility in equities and rates,” said Jake Ostrovskis, OTC trader at crypto market maker Wintermute.