emirates7 - Dubai, UAE – Global markets experienced significant turbulence over the weekend, with cryptoassets finally succumbing to the broader sell-off that followed Donald Trump’s ‘Liberation Day’ tariff announcement. Total crypto market capitalisation dropped to $2.4 trillion, marking an 8% decline on the week. Bitcoin fell 6.7% to $76,700 – a level last seen when Trump was elected president.

Simon Peters, Crypto Analyst at eToro, said: "The latest non-farm payroll data surprised the market, showing 228,000 new jobs created in March, well above the expected 135,000. At the same time, the unemployment rate rose slightly to 4.2% from 4.1%. As a result, traders are now pricing in a 50% probability of the Federal Reserve cutting interest rates at its May meeting."

"Although tariffs have dominated headlines, financial conditions in the U.S. have quietly started loosening. The U.S. dollar and Treasury yields have retreated significantly since Trump took office, and the Federal Reserve is expected to slow its quantitative tightening. Historically, cryptoassets tend to perform well in such environments."

Peters added: "As the dust settles around tariffs and we get more signs of loosening conditions, markets may find a bottom and stage another leg higher."