Bitcoin’s rally hit a major speed bump this weekend as the world’s most valuable cryptocurrency sank below the $77,000 mark. The dip follows renewed global market turmoil sparked by a fresh round of U.S. tariffs under President Donald Trump’s latest economic policy moves.

At the time of writing, Bitcoin is trading around $76,221, down about 4% in the past 24 hours, according to Coin Metrics. This marks a nearly 30% drop from its all-time high in January, when Bitcoin briefly broke past $100,000. While it had been hovering comfortably above $80K for most of the year, recent volatility has shaken that stability.

Last week, Bitcoin managed to resist the broader market plunge, even climbing slightly as stocks and gold slipped. But that resilience didn’t last.

Overnight, Ethereum (Ether) and Solana took steeper hits, falling 8% and 6%, respectively. The downturn wasn’t just price-based — massive liquidations followed.

According to CoinGlass:

• $247 million in Bitcoin long positions were wiped out in 24 hours
• Ether traders lost $217 million over the same period

These forced sell-offs occurred as leveraged traders betting on price increases were caught off guard and had to unwind their positions.

The crypto crash coincides with a massive global market rout. Investors scrambled to unload risky assets after Trump rolled out new blanket tariffs on all imports, with additional duties aimed at key trading partners.

The impact was immediate:

• $7.46 trillion in global stock market value evaporated in just two trading sessions
  • $5.87 trillion lost in U.S. markets
  • $1.59 trillion dropped globally outside the U.S.

The fear? A full-blown trade war leading the U.S. and possibly the world into recession.

Bitcoin is now down 15% in 2025, and analysts see few crypto-specific catalysts on the horizon. Instead, Bitcoin’s movements are expected to mirror equities, as economic worries and recession fears dominate sentiment.

Still, some experts see a potential silver lining.

“There is a lot of noise at the moment,” said Geoff Kendrick, Head of Digital Assets Research at Standard Chartered.
“But U.S. isolationism could increase the risks of holding fiat. In that light, Bitcoin may eventually emerge as a hedge against tariff risks.”

Bottom Line: As traditional markets convulse under the weight of tariff fears, crypto is no longer dancing to its own beat. Traders and investors should brace for more turbulence — and watch closely for signs of decoupling, or deeper entanglement, between digital assets and traditional finance.

Source: CNBC – Bitcoin drops below $77,000 as cryptocurrencies join global market rout

The post Bitcoin Drops Below $77K as Global Markets Face Turmoil appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Asian markets took a sharp nosedive on Monday, amplifying a global stock market rout sparked by US President Donald Trump’s escalating trade war.

In Japan, the Nikkei 225 plummeted over 8% right after the opening bell, dipping below the critical 33,000 mark for the first time since August 2024. The broader Topix index fared similarly, sliding more than 7.5%, though it managed to recover slightly from its steepest losses.

Japanese Prime Minister Shigeru Ishiba addressed the crisis, reaffirming that his government will continue urging Trump to reduce tariffs on Japan. However, he acknowledged that meaningful progress wouldn’t be immediate. “The government must do everything possible to mitigate the economic fallout,” Ishiba told parliament, emphasizing support for local businesses and job protection.

Trump’s latest move is a 24% tariff on Japanese imports, which is set to take effect later this week despite Japan being a key US ally under their defense treaty.

Meanwhile, the global ripple effect from the trade war has intensified, with Asian markets mirroring the worst two-day slump on Wall Street in five years. US stock futures tanked on Sunday evening after two days of heavy losses, which have already wiped out over $5.4 trillion in market value.

Trump’s sweeping tariff policies, which began taking effect over the weekend, have triggered strong pushback from global investors. The US’s newly imposed tariffs have been met with retaliatory action from China, which slapped a 34% tariff on all US goods on Friday, further stoking fears of a full-blown, destructive trade conflict.

On Sunday, Trump downplayed the market turmoil, stating he didn’t intend to crash markets, though he refrained from predicting what lies ahead. “What’s going to happen with the market? I can’t tell you,” Trump remarked aboard Air Force One. “But I can tell you, our country has gotten a lot stronger, and eventually it’ll be a country like no other.”

Across Asia, the damage was widespread. South Korea’s Kospi index plunged more than 4.8%, triggering a circuit breaker designed to prevent panic selling. Taiwan’s Taiex saw a staggering drop of 9.7%, with major exporters like TSMC and Foxconn halting trading after their shares plummeted nearly 10%.

In Australia, the ASX 200 index shed as much as 6.3%, while New Zealand’s NZX 50 index followed suit with a 3.5% loss.

As US stocks brace for another round of sharp declines, analysts warn that the S&P 500 is perilously close to entering bear market territory, defined by a 20% drop from its peak. This downturn signals mounting uncertainty, not only for investors but also for the broader global economy.

The question now is how long this turmoil will last and whether Trump’s trade policies will lead to long-term economic damage or if the markets can eventually recover from the turbulence.

Source: CNN – Asian markets plunge as Trump’s global tariff turmoil deepens

The post Stock Markets in Freefall: Trump’s Tariffs Spark Global Selloff appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

The U.S. stock market took a massive hit on Thursday, with over $2 trillion in value wiped out after President Donald Trump announced sweeping tariffs on foreign imports. The market suffered its worst single-day drop since the COVID-19 economic crash five years ago, with fears mounting that the new tariffs could push the country into a recession.

Almost every sector experienced significant losses as investors scrambled to offload shares of companies expected to be hardest hit by rising costs. Economists have labeled the tariffs a severe economic blow, warning that they could trigger a chain reaction leading to lower consumer spending, stalled business growth, and a potential economic downturn.

Olu Sonola, head of U.S. Economic Research at Fitch Ratings, described the situation as a “game changer” not just for the U.S. but for the global economy. “Many countries will likely end up in a recession,” Sonola stated.

The S&P 500 plunged 4.8%, erasing more than $2 trillion in market value, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices.

As higher prices put a squeeze on household budgets, discretionary spending—including travel—may be among the first to decline. Airline stocks plummeted:

• United Airlines: -15.6%
• American Airlines: -10.2%
• Delta Air Lines: -10.7%

With most apparel and footwear brands manufacturing overseas, tariffs on imports could drive up costs for both businesses and consumers. Major losses included:

• Nike: -14.4%
• Under Armour: -18.8%
• Lululemon: -9.6%
• Ralph Lauren: -16.3%
• Levi Strauss: -13.7%

Big-box and online retailers, heavily reliant on imported goods, saw their stock values tumble as fears of rising prices and reduced consumer spending set in:

• Amazon: -9%
• Target: -10.9%
• Best Buy: -17.8%
• Dollar Tree: -13.3%
• Kohl’s: -22.8%

Tech companies, many of which depend on foreign parts and manufacturing, are expected to face supply chain disruptions and higher costs:

• Apple: -9.2%
• HP: -14.7%
• Dell: -19%
• Nvidia: -7.8%

A potential recession could reduce borrowing and lending activity, impacting major financial institutions:

• Wells Fargo: -9.1%
• Bank of America: -11.1%
• JPMorgan Chase: -7%

As Americans tighten their budgets, discretionary spending on dining out may decline, leading to drops in restaurant stocks:

• Starbucks: -11.2%
• Cracker Barrel: -12.7%
• Cheesecake Factory: -9.4%

Despite concerns, automakers fared slightly better than other industries, as much of their steel and aluminum is already sourced domestically:

• General Motors: -4.3%
• Ford: -6%
• Tesla: -5.5%
• Stellantis: -9.4%

Economists and analysts will be watching closely to see whether consumer confidence and spending can withstand the financial strain of the tariffs. If spending slows significantly, businesses may cut production, leading to job losses and a broader economic slowdown.

For now, the U.S. stock market remains on edge, with investors bracing for further turbulence in the coming weeks.

Source: AP News – Fear that Trump tariffs will spark recession wipes out more than $2 trillion in value from US stocks

The post Trump’s Tariffs Trigger Market Meltdown, Wiping Out $2 Trillion appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Banking Error Credits Customer with Trillions

Citigroup mistakenly credited $81 trillion to a customer’s account instead of the intended $280, highlighting ongoing operational challenges within the bank. The error, which occurred in April 2023, took hours to be detected and reversed, according to a report by the Financial Times on Friday.

How the Mistake Happened

The massive transaction error slipped through multiple layers of oversight:

• A payments employee initially missed the mistake.
• A second official, responsible for reviewing the transaction, also failed to catch the error before it was processed.
• A third employee finally identified the issue 1.5 hours after processing, leading to a reversal several hours later.

No Funds Left the Bank

While the mistake was alarming, no money actually left Citi. The bank reported the incident to both the Federal Reserve and the Office of the Comptroller of the Currency (OCC) as a “near miss”—a term used when a bank processes the wrong amount but successfully recovers the funds.

In a statement to Reuters, Citigroup assured that its “detective controls“ quickly flagged the error, leading to an immediate correction. The bank emphasized that neither the client nor Citi suffered any financial impact from the mistake.

Recurring Near Misses at Citi

This wasn’t an isolated incident. Internal reports reveal that in 2023 alone, Citi recorded 10 near misses involving $1 billion or more, down slightly from 13 cases in 2022.

Despite declining to comment on these figures, Citi acknowledged its ongoing investment in improving compliance, risk management, and data governance.

Citi’s History of Regulatory Fines

Citigroup has faced significant regulatory penalties for its operational shortcomings:

• July 2023: Fined $136 million for slow progress in fixing compliance issues.
• 2020: Hit with a $400 million fine for risk and data failures.

Citi’s CFO, Mark Mason, recently stated that the bank is prioritizing technology upgrades and better regulatory reporting to prevent such errors in the future.

The Bigger Picture

The $81 trillion mistake serves as a stark reminder of the risks in high-volume financial transactions. It underscores Citi’s ongoing struggle to improve oversight while managing its complex banking operations.

With regulators watching closely, Citigroup’s ability to strengthen its compliance systems will be crucial in avoiding future banking blunders of this scale.

Source

The post Citigroup Accidentally Credits Customer with $81 Trillion appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Gold Traders Face Weeks-Long Queues at the Bank of England

The Bank of England, home to the world’s second-largest gold reserves, is experiencing an unprecedented rush as traders scramble to withdraw gold bars. The sudden surge in demand stems from President Donald Trump’s tariff threats, which have made gold more valuable in the United States than in other parts of the world.

Gold Becomes More Valuable in the U.S.

Gold traders are rushing to ship gold to the U.S. to capitalize on price differences. Concerns over potential tariffs have created a supply scare, driving up gold prices in American markets.

“The U.S. gold market has been trading at a premium to the London market,” said Dave Ramsden, deputy governor for markets and banking at the Bank of England. Gold owners are eager to take advantage of this price gap, leading to a flood of withdrawal requests.

Bank of England’s Vaults Under Pressure

As a result, all existing gold withdrawal slots at the Bank of England are fully booked. Traders who haven’t secured a slot might have to wait weeks to access their gold.

“All of those bodies who ship the gold have already booked the slots they need over the next few weeks,” Ramsden noted. “If you’re coming in new, you might have to wait longer.”

The Bank of England holds over 400,000 gold bars worth billions of pounds, making it a key global custodian of the precious metal, second only to the New York Federal Reserve. However, its stockpile has declined by about 2% since the end of last year due to rising withdrawals.

U.S. Gold Inventories Surge Amid Supply Fears

Meanwhile, the COMEX exchange in the U.S.—a major market for trading gold, silver, and other metals—has seen gold inventories nearly double since late October, according to a report by Commerzbank.

Analysts believe this surge is linked to fears that Trump’s tariffs may include gold imports, making it more expensive to bring metal into the U.S.

“The fact that gold is significantly more expensive on COMEX than in other trading centers is likely related to fears of U.S. import tariffs,” wrote Carsten Fritsch, a commodity analyst at Commerzbank. “Traders are stockpiling now to avoid potential supply disruptions.”

Gold Prices Climb as Global Tensions Rise

The safe-haven appeal of gold has also contributed to rising demand. Investors are spooked by Trump’s trade policies, as well as geopolitical tensions, including Russia’s prolonged war in Ukraine and instability in the Middle East.

According to UBS, these factors are reinforcing gold’s attractiveness as a stable asset in uncertain times.

Logistical Challenges Add to the Chaos

Unlike digital or paper assets, gold is a physical commodity with logistical and security challenges.

“Gold is heavy, and moving it requires strict security,” Ramsden explained. “Even getting into the (central) bank this morning was trickier because a lorry was in the bullion yard… and the stuff is also quite heavy.”

As demand continues to rise, traders and financial institutions are closely watching how the Bank of England and global gold markets respond to this surge in withdrawals.

Source

The post Gold Rush at the Bank of England: Long Lines for Withdrawals appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.