Bitcoin fell below $79,000 as cryptocurrencies slid, while stock futures fell another 5%.
Hedge funder Bill Ackman described President Trump's tariff plan as “economic nuclear war” and called for a pause on Monday.
By Stephen Alpher Updated April 6, 2025 10:35 PM Published April 6, 2025 9:35 PM
Key points:
- Investors remain wary of the impact of Trump's tariffs, sending U.S. stock index futures down about 5% after trading resumed on Monday.
- Bitcoin fell 5% to below $79,000, while other key cryptocurrencies lost even more.
- Billionaire hedge fund manager Bill Ackman called on the president not to launch an economic “nuclear war” and instead call a “time out” on Monday.
The words “disconnect” and “safe haven” began to be used last week as Bitcoin (BTC) held its ground despite the continued decline in stock markets due to President Trump’s massive tariffs on U.S. trading partners.
However, Bitcoin bulls' optimism may have been premature.
With stock trading suspended for the weekend, spooked investors turned to 24-hour cryptocurrency markets to make bearish bets. Bitcoin was trading just above $79,000 late Sunday, down 5% from 24 hours earlier. When stock index futures resumed trading later Sunday, the Nasdaq 100 opened down 5% and the S&P 500 was down 4.5%, while Bitcoin dipped to $78,400.
Other major currencies fared much worse, with Ether (ETH) down 11% to $1,590 and Solana (SOL) down 10% to $107.
The term “Black Monday” is back on X — a reference to Monday, October 19, 1987, when the Dow Jones Industrial Average lost nearly a quarter of its value in a single day. The reason was a warning about a currency war from then-Treasury Secretary James Baker.
“If we launch an economic nuclear war against all nations, business investment will grind to a halt, consumers will close their wallets, and our reputation around the world will be severely damaged and will take years, perhaps decades, to repair,” hedge fund billionaire Bill Ackman, who has been at least a tepid supporter of President Trump, wrote on Twitter. “The President has an opportunity to call a time-out on Monday to fix this unfair tariff system,” he added. “Otherwise, we are headed for a self-inflicted economic nuclear winter, and we should start preparing.”
The yield on the 10-year Treasury note has fallen 14 basis points from Friday's close of 3.85%.
Updated (22:05 UTC): Added data on early trading in stocks and bonds.
