Bitcoin Drops Below $79K as Cryptos Plunge, Stock Futures Fall Another 5%

Hedge funder Bill Ackman called President Trump's tariff plan "economic nuclear war" and urged a Monday pause.

• Investors continue to remain fearful of the fallout from the Trump tariffs, sending U.S. stock index futures lower by about 5% as trading resumes after the weekend.
• Bitcoin has tumbled 5% to below $79,000 with other major cryptos down by more sizable amounts.
• Hedge fund billionaire Bill Ackman urged the president not to go through with economic "nuclear war" and instead call a "time out" on Monday.

Bitcoin's value has plummeted below $79,000 amid a significant drop in the cryptocurrency market and a 5% decline in stock futures. Renowned hedge fund manager Bill Ackman criticized President Trump's tariff strategy as an "economic nuclear war" and proposed a temporary halt on Monday.

Investors' concerns over the repercussions of the tariffs have led to a sharp decrease in U.S. stock index futures by approximately 5% as trading recommenced following the weekend break. The cryptocurrency landscape mirrors this sentiment, with Bitcoin experiencing a 5% dip to fall below $79,000 alongside other major digital currencies.

Bill Ackman cautioned against escalating economic conflicts, emphasizing the dire consequences that could result from such actions. He urged for prudence and suggested a pause in implementing aggressive economic measures to prevent long-lasting damage.

As markets reopened after the weekend hiatus, apprehensive investors turned to cryptocurrencies for trading opportunities. Bitcoin was trading slightly above $79,000 on Sunday evening, down by 5% compared to the previous day. Concurrently, stock index futures commenced trading with Nasdaq 100 declining by 5% and S&P 500 by 4.5%, prompting Bitcoin's price to drop further to around $78,400.

The term "black monday" resurfaced on various platforms—a reference to the dramatic events of October 19, 1987 when the Dow Jones Industrial Average suffered substantial losses due to fears of a currency war initiated by then Treasury Secretary James Baker.

Expressing his concerns on social media, Bill Ackman emphasized the need for careful consideration before engaging in drastic economic actions that could lead to severe consequences. He advocated for prudent decision-making on Monday to avoid catastrophic economic repercussions and highlighted the importance of rectifying tariff policies promptly.