Bitcoin price today: cuts losses as dip buyers emerge after plunge to 5-month low

Investing.com-- Bitcoin cut the bulk of losses on Monday, following a rebound in markets as dip buyers bought the weakness in the popular crypto following a dip to five-month lows despite ongoing concerns about  a global trade war. 

Cryptocurrency markets largely moved in tandem with stocks, moving off session lows in a wild day of trading that saw the S&P 500 plunge to 4.7%, then swing 3.4% higher -- on a false tariff pause headline -- before ending the day marginally lower.  

Bitcoin rose 0.1% to $78,879, after hitting its lowest level since November 2024 earlier in the day.

Trump tariffs decimate global markets, crypto hit

Trump’s tariffs saw global equity markets wipe out about $4 trillion since last Wednesday, with crypto markets also losing ground in tandem.

Traders turned risk-averse in the face of heightened economic uncertainty under Trump, especially as several countries targeted by Trump decried the tariffs and outlined retaliation. 

Speculative assets such as crypto were also hit particularly hard by increased risk aversion, with traders largely sticking to safe havens such as the Japanese yen, and gold. 

Bitcoin’s losses were exacerbated by nearly $160 million worth of coins being moved onto crypto exchange Kraken- a move that could herald a potential sale by a major whale. 

This put traders on edge over a potential Black Monday event, especially if U.S. markets slump further later in the day. Any losses in equities are likely to spill over into crypto.

“As global equity markets witness a shake-down that has seen #BlackMonday trending on X, there is the prospect that we may be entering a very different market terrain. We’ve already seen the proportion of stablecoins on the weekly transactions on the Mercuryo platform rise from about 37 percent in January to around 50 percent in March," Petr Kozyakov, Co-Founder and CEO at Mercuryo, told Investing.com 

"Traders are cautiously waiting on the sidelines for opportunities to re-enter the market and weighing if there may be evidence of overselling. Meanwhile, the underlying strength of Bitcoin remains. The long-term future prospects of the new digital gold are brighter than ever.”

Crypto price today: altcoins follow bitcoin off session lows

Broader crypto prices traded in tandem with Bitcoin, with world no.2 crypto Ether recovering -- after falling below $1,500, its lowest since March 2023 -- to $1,571. 

XRP sank fell 0.3% to $1.94, while Solana, Cardano, and Polygon traded in the green. 

Among meme tokens, Dogecoin was up 0.4% and  $TRUMP was down 1%.

Ambar Warrick contributed to this report.