Bitcoin has fallen 29% since reaching an all-time high of $109,026 on Trump’s Inauguration Day in January, and the token has nearly erased all of its gains since the day after Election Day, when bitcoin eclipsed $75,500.

Cryptocurrencies recovered from an earlier plunge in a whipsaw day of trading triggered by President Donald Trump’s onslaught of tariffs on US trading partners.

Bitcoin price action is back in sync with global equities markets, but the uptick in BTC whale accumulation could be a silver lining.

By Niket Nishant (Reuters) -U.S.-listed shares of crypto companies tumbled on Monday, mirroring a sharp drop in bitcoin as escalating tariff tensions and fears of a global trade war triggered a broad retreat from risk assets.

Market volatility poses risk to $1 trillion Treasury basis trades. A potential blowup could trigger a global dash for cash.

Bitcoin has experienced significant drawdowns in past cycles, with a notable 83% drop from its peak in 2018 and a 73% correction from all-time highs (ATH) in 2022. In comparison, the current decline of 26.62%, while substantial, remains less severe than previous bear markets.

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.

Bitcoin’s resilience amid global market rout appeared to be short-lived, dimming some investors’ hope that the crypto may finally serve as a store of value.