Wall Street Breakfast Bitcoin dips below $75K on tariff turmoil
Apr 7, 2025
Bitcoin recently dipped below $75,000 amid a fade in the crypto rally, raising concerns over market volatility. Tech analyst Dan Ives has cut price targets for Tesla and Apple due to what he terms 'tariff armageddon.' In related news, Saudi Arabia has unexpectedly reduced oil prices for Asia following an OPEC+ output increase. Additionally, panic selling has triggered circuit breakers in several Asian markets, reflecting broader geopolitical tensions and economic uncertainty.
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Bitcoin's Correlation with Trump's Election and Tariffs
- Bitcoin dipped below $75,000 for the first time since November 7th, 2024, coinciding with Trump's previous election victory.
- This drop, alongside a decline in overall crypto market capitalization, is attributed to bearish sentiment and Trump's tariff policies.
Tariff Impact on Tech Giants
- Wedbush analyst Dan Ives significantly lowered price targets for Tesla and Apple due to Trump's tariffs.
- Ives cut Tesla's target by over 40% and Apple's by 20%, calling the tariffs a "disaster" for both companies.
Saudi Arabia Cuts Oil Prices
- Saudi Arabia cut oil prices for Asian buyers for the second consecutive month, signaling market weakness and oversupply.
- This comes after OPEC+ unexpectedly decided to increase oil production, further driving down prices.