Bitcoin price drops below $80K as stocks face 1987 Black Monday rerun

2025-04-07 12:03:32 Primitive Reading

Bitcoin turned up volatility into the April 6 weekly close as fears of a stock market crash contrasted with bullish BTC price targets.

CNBC’s Cramer: 1987 crash not “off the table yet”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping below $80,000 on the day, down 3% since the start of the week.

The days in between had seen several bouts of flash volatility as US trade tariffs and recession concerns stoked major losses across risk assets.

US stocks in particular recorded significant losses, with both the S&P 500 and Nasdaq Composite Index finishing the April 4 trading session down nearly 6%.

“Trump's tariff announcement this week has wiped out $8.2 TRILLION in stock market value — more than was lost during the worst week of the 2008 financial crisis,” author and financial commentator Holger Zchaepitz summarized in a response on X.

The poor close caused some to wonder how the coming week would open, with comparisons to the “Black Monday” 1987 crash surfacing across social media.

“It's tough to build a new, weaker, world order on the fly,” Jim Cramer, host of CNBC’s “Mad Money” segment, argued on X over the weekend.

“Frantically trying to do it but don't see anything yet that takes the October 87 scenario off the table yet. Those who bottom-fished are sleeping with the fishes ...so far.”

Cramer had previously warned over a 1987 scenario playing out live on air, but subsequently reasoned that control mechanisms in the form of market circuit breakers “could slow things down.”

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