Bitcoin Dips Below $77K Amid Looming US-China Trade Tariff Deadline

Bitcoin’s price dropped below $77,000 as investors reacted to impending U.S. trade tariffs, including heightened levies on Chinese imports. The market braces for potential volatility as geopolitical tensions influence crypto sentiment.

Bitcoin Falls as Key Deadline Approaches for Trump ‘Reciprocal’ Tariffs

The price of Bitcoin fell under $77,000 on Tuesday as investors waited for the steepest levies included in U.S. President Donald Trump’s trade war to go into effect. The White House has already imposed a 10% baseline tariff on all U.S. imports, but individualized, “reciprocal” rates for dozens of countries were set to be implemented. White House press secretary Karoline Leavitt confirmed Chinese imports will be subject to an additional 50% tariff, yielding a total rate of 104%.

CoinShares Analyst Dismisses Bitcoin Death Cross as ’Nonsense’

James Butterfill, head of research at CoinShares, has called the ’Bitcoin death cross’ indicator ’total nonsense,’ citing historical data. The death cross pattern occurred on April 7 when BTC’s 50-day simple moving average fell below the 200-day SMA. Analyzing 11 past events, Butterfill found that BTC usually experiences slight losses within one month but positive median and mean values in the following three to six months.

Bitcoin Futures Volume Surges 300%, Open Interest Declines

Bitcoin (BTC) futures trading activity has seen a significant spike, with daily volume jumping from $109.39 billion to $227.53 billion in just four days. However, open interest (OI) has declined from $52.64 billion to $50.34 billion during the same period. This divergence suggests a market that is highly Leveraged and structurally cautious amidst volatility. On April 6, futures volume was $58.02 billion, which exploded to $227.53 billion by April 8, a 292% increase. Despite the aggressive trading activity, OI dropped from $53.39 billion on April 6 to $50.34 billion.

BlackRock Expands Bitcoin Custody Network with Anchorage Digital

BlackRock has partnered with Anchorage Digital to provide custodial services for its iShares Bitcoin Trust (IBIT). The addition of Anchorage as a custodian addresses the increased institutional demand for digital assets. This dual-custodian model aims to boost security, flexibility, and risk management for BlackRock’s Bitcoin products, ensuring improved resilience and future operational efficiency. Anchorage Digital, which operates the only U.S. federally chartered digital asset bank, is excited to deepen its relationship with BlackRock to meet the growing demand for digital asset custody.

Crypto Market Decline Amid Trade Tensions

On April 9, 2025, the crypto market experienced a significant downturn, with Bitcoin dropping sharply below $75,000, losing 6% in a day. The decline coincided with escalating U.S.-China trade tensions, which led to a crash in Japan’s Nikkei 225 index, falling over 3% to 32,010.93. Technology stocks were notably impacted, with Advantest, Tokyo Electron, and SoftBank Group experiencing significant declines. Investors are increasingly concerned that the impending 104% U.S. tariffs on Chinese imports could slow global economic growth, impacting the broader financial markets, including cryptocurrencies.