The phrases “decoupling” and “safe haven” started circulating late last week as Bitcoin (BTC) managed to stay resilient even amid the ongoing decline in stock markets following President Trump’s extensive tariffs on U.S. trade partners.
However, Bitcoin enthusiasts might have celebrated too early.
With stock exchanges closed over the weekend, anxious investors turned to the around-the-clock crypto markets to make bearish trades. By late Sunday afternoon, Bitcoin was trading slightly above $79,000, marking a 5% decrease from the previous day. As futures for stock indices began to trade later on Sunday—with the Nasdaq 100 opening down by 5% and the S&P 500 falling 4.5%—Bitcoin dipped as low as $78,400.
Other major coins fared even worse in the market, with Ether (ETH) dropping 11% to $1,590, and Solana (SOL) experiencing a 10% decline to $107.
The term “Black Monday” is currently trending on X—referring to Monday, October 19, 1987, when the Dow Jones Industrial Average plummeted nearly 25% in a single day. The catalyst for that drop was a currency war threat issued by then Secretary of Treasury James Baker.
“If we engage in economic nuclear war against every nation globally, business investment will stall, consumers will tighten their purses, and we will damage our international reputation—taking years, if not decades, to restore,” tweeted hedge fund magnate Bill Ackman, who had previously shown at least a degree of support for President Trump. “The President could take a timeout on Monday to work on rectifying an unjust tariff system,” he further noted. “Otherwise, we risk entering a self-induced economic nuclear winter, prompting us to batten down the hatches.”
The yield on the 10-year Treasury is down by 14 basis points from Friday’s close at 3.85%.
Updated (22:05 UTC): Early stock and bond market trading information added.
