Seyffart Stunned as BTC Stays Above $80K Despite Trump’s Tariffs
Highlights:
- James Seyffart said he is surprised Bitcoin has remained above $80,000 despite market turbulence.
- The analyst pointed out that the market declines caused investors to dump risky assets.
- Adam Back responded to Seyffart’s tweet, stating that Bitcoin has decoupled from the traditional market.
In an April 4 tweet, Bloomberg analyst James Seyffart expressed surprise about Bitcoin (BTC) staying above $80,000 amid market turbulence. Seyffart noted investors, including Bitcoin holders, are dumping their holdings to limit losses after Trump’s reciprocal tariffs announcement. The analyst also pointed out that gold dropped in value.
Adam Back, co-founder and Chief Executive Officer (CEO) at Blockstream, reacted to Seyffart’s tweet. The co-founder said that Bitcoin’s resilience amid turbulence shows that the token is finally decoupling from traditional market impacts. “I was thinking the coupling was fake. Maybe market makers using Bitcoin market shortage of fiat liquidity to auto-correlate bitcoin, noticeable on US market open,” Adam explained. The co-founder’s explanation suggests that Bitcoin’s price is now moving independently of stocks and gold.
Genuinely shocked a bit by Bitcoin's resilience. Would not have guessed it would hold above $80k in this type of broader market selloff of risk assets…
Hell — even Gold is down? pic.twitter.com/SKRkZF8hCb
— James Seyffart (@JSeyff) April 4, 2025
Trump’s Tariffs Impacts Crypto and Stock Market
The United States President, Donald Trump, announced reciprocal tariffs on April 2. He imposed a 10% baseline tariff on most countries, effective April 5. He also announced higher tariff rates for some nations. These include a 34% tariff on China’s products, 20% on European Union goods, 46% on Vietnam importations, and 32% on Taiwan products.
The president’s announcement led to global market declines, affecting stock and crypto markets. On April 3, the stock market experienced marked plunges, with the S&P 500, an index that tracks 500 large companies, dropping by about 4.84%.
S&P 500 closed at 5,396.52 points, its lowest level since before Trump’s re-election in November 2024. The Nasdaq composite also decreased by 5.97% and closed at 16,550.61 points. This closing value became Nasdaq’s largest drop since March 2020.
Leading multinational and tech firms also recorded sharp declines on April 3. Nike and Apple stocks dropped by 14% and 9%, respectively. Similarly, Nvidia and Tesla reported 8% and 5% declines, respectively.
BIGGEST STOCK MARKET CRASHES
IN HISTORYStock Market Crash – 1929
Black Monday -1987
Dot-Com Bubble – 1999
Financial Crisis – 2008
Covid Crash – 2020
Trump Tariff Crisis – 2025 pic.twitter.com/Eob4bIwvL6— 𝕊𝕦𝕟𝕕𝕒𝕖_𝔾𝕦𝕣𝕝 👊🔥🇺🇸 (@SundaeDivine) April 4, 2025
After the tariff announcement, Bitcoin dropped from over $88,000 to about $83,000. Altcoins also recorded declines, with Ethereum dropping to approximately $1,800. At the time of press, Bitcoin is down 0.6% in the past 24 hours, trading at $83,400.
In the past week, BTC’s price dropped 0.4%, with price extremes fluctuating between $81,476.42 and $87,106.01. This range highlights Bitcoin’s volatility after Trump’s imposed tariffs. Following the decline, BTC’s market cap dropped to $1.65 trillion. In contrast, Bitcoin’s 24-hour trading volume jumped 21.24% to about $41.64 billion.
Broader Markets Might Suffer More Declines with China’s Retaliatory Tariff
In an April 4 press release, China’s Finance Ministry announced a retaliatory 34% tariff on all US products starting April 10. The move fueled fears of escalating the ongoing global trade war.
The Chinese Finance Ministry stated:
“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful, and mutually beneficial manner.”
As tariff concerns continue to grow, BitMEX co-founder Arthur Hayes said in an April 3 tweet that he supports the initiative. According to him, tariffs will only cause pain in the short term. However, the long-term impact would be beneficial for Bitcoin. The co-founder also mentioned that global imbalances could be fixed via money printing. He added that the pressure on the traditional market could spark Bitcoin’s rally.
Some of y'all are running scurred, but I LOVE TARIFFS, some chart porn to understand why.
Global imbalances will be corrected, and the pain papered over with printed money, which is good for $BTC. pic.twitter.com/jc5eZ2VIEa
— Arthur Hayes (@CryptoHayes) April 4, 2025
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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