The Bitcoin (CRYPTO: BTC) price is down 5.3% since this time yesterday.
The world's original and biggest crypto is currently trading for US$75,789, according to data from CoinMarketCap.
That sees the Bitcoin price down 10.6% since 2 April, when US President Donald Trump roiled global markets with his sweeping tariff announcement.
Still broadly perceived as more of a risk asset than a haven asset like gold, Bitcoin has tumbled significantly further than the 6.7% losses posted by the S&P/ASX 200 Index (ASX: XJO) since 2 April.
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Headwinds and tailwinds from the White House
The majority of cryptocurrencies received a strong boost when Trump was re-elected to the White House.
Unlike former US President Joe Biden's tighter regulatory approach, Trump advocates a free market approach to cryptos.
On 5 November, shortly before Trump's victory in the presidential race was confirmed, the Bitcoin price stood at US$67,811.
Over the next two months, it trended steadily higher, buoyed by Trump's January executive order stating that the US will build a strategic reserve of cryptocurrencies.
Atop from Bitcoin. that reserve is expected to hold Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Solana (CRYPTO: SOL), and Cardano (CRYPTO: ADA).
Amid renewed exuberance, the Bitcoin price hit all-time highs of US$109,115 on 20 January.
But with headwinds now building as China ratchets up retaliatory tariff measures to counter Trump, the world's top crypto has tumbled 30.6% from those highs.
What are the experts saying about the struggling Bitcoin price?
"Escalating tensions between the US and China have triggered a sharp sell-off, sparking a broad risk-off move," Mena Theodorou, co-founder at crypto exchange Coinstash, said of the tumbling Bitcoin price.
"While crypto initially showed signs of resilience, it has since followed equities lower, showing investors that no asset class is entirely shielded from macroeconomic uncertainty," Theodorou said.
Theodorou added:
If tensions ease or negotiations resume before the tariffs take effect on April 10, markets may find some footing. However, if the rhetoric escalates, further downside can't be ruled out.
Importantly, the current sell-off is not driven by crypto-specific catalysts; crypto is simply moving in line with traditional markets reacting to global trade tensions. That distinction matters and may shape how crypto responds if broader conditions begin to stabilise.
Charlie Sherry, crypto analyst at BTC Markets, noted that the volatile Bitcoin price indicates it is far from a haven asset. At least for now.
"Crypto continues to show a strong correlation with risk assets, and this latest sell-off has highlighted that connection," Sherry said.
According to Sherry:
Meanwhile, gold – the traditional safe-haven asset – surged to US$3,167 last quarter, showing where investors are seeking refuge in uncertain times.
For now, the 'digital gold' narrative, which has been a key selling point for Bitcoin, isn't holding up. Bitcoin hasn't seen the same kind of demand that gold has, despite both assets sharing similar characteristics.
And Josh Gilbert, market analyst at eToro, cautioned that crypto investors should be prepared for further sharp swings in the Bitcoin price ahead.
"Volatility is going to stay," he said. "Trump's last trade war came in waves. Each escalation triggered a sharp sell-off and surge in volatility, and each truce or trade deal sparked relief rallies."
