Bitcoin (BTC-USD) breaks below $75,000 as crypto’s Trump rally fades amid tariff turmoil. (00:21) Tech bull Dan Ives slashes PT for Tesla (TSLA), Apple (AAPL) over Trump's 'tariff armageddon'. (01:42) Saudi Arabia slashes oil prices for Asia after surprise OPEC+ output hike. (02:25)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Monday: Magnificent seven, crypto stocks, and moreTrump calls tariffs 'medicine,' says its a 'beautiful thing' to reduce deficitAsia panic selling: Circuit breakers triggered in Japan, South Korea and TaiwanIsrael's Netanyahu becomes first foreign leader to discuss tariffs in WashingtonSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: Why did Bitcoin dip below $75,000?
Bitcoin and major cryptocurrencies suffered a significant sell-off in early trade, with Bitcoin sliding below the $75,000 mark for the first time since November 7th of last year. The most popular cryptocurrency traded at around $74,776.46 at 3 a.m. Eastern Time, erasing nearly all the gains since Donald Trump's election victory in early November.
Chapter 2: How are Trump's tariff policies affecting the crypto market?
The digital currency is pressured by widespread bearish sentiment across the crypto market and ongoing struggles in U.S. stocks amid Trump's aggressive tariff policies. The total market capitalization of all cryptocurrencies fell about 12 percent to $2.47 trillion, roughly where it stood when Trump sealed his win, according to data from CoinGecko.
Other notable crypto decliners include Ripple down 11.8% and Stellar down 9.3%. The sell-off comes amid heightened global trade tensions, with President Trump outlining reciprocal import tariffs on products coming worldwide into the U.S. last week. Crypto names in the red pre-market include MicroStrategy down 12.4%, CleanSpark down 12.9%, and Mara Holdings down 11.4%.
President Trump's sweeping global tariffs announced last week constitute a disaster for Tesla and Apple, according to Wedbush Securities Analyst Dan Ives, who substantially lowered his price target for both companies.
Chapter 3: What impact do Trump's tariffs have on Tesla and Apple?
Ives, who is traditionally one of Tesla and Apple's most bullish followers and advocates on Wall Street, slashed Tesla's price target from $550 to $315, an over 40% cut, and reduced Apple's PT from $325 to $250, a 20% fall. Wedbush's bear case for Apple is $160. The firm maintained its outperform rating for both stocks.
Saudi Arabia, the world's largest oil exporter, has lowered its crude oil prices for Asian buyers to the lowest level in four months, just days after a surprise move by OPEC Plus to boost production. According to a pricing document released on Sunday, Saudi Aramco reduced its May official selling price for Arab light crude by $2.30, setting it at $1.20 per barrel above the Oman-Dubai average.
Chapter 4: Why did Saudi Arabia lower oil prices for Asia?
Prices for other grades sold to Asia were also cut by $2.30 a barrel. This marks the second month in a row that Aramco has reduced prices, reflecting market softness and oversupply concerns. The cuts follow an unexpected decision last Thursday by eight OPEC Plus members to accelerate the unwinding production limits by adding 411,000 barrels per day to the market in May.
That announcement deepened an already sharp drop in oil prices. Now for a look at three articles that are trending on Seeking Alpha. Trump calls tariffs medicine and says it's a beautiful thing to reduce the deficit. Panic selling in Asia, circuit breakers triggered in Japan, South Korea, and Taiwan. And Israel's Netanyahu becomes the first foreign leader to discuss tariffs in Washington.
We have quite a bit on our catalyst to watch for the day. The NAB show in Las Vegas will continue after starting over the weekend. Comcast, Verizon, and Sinclair are some of the companies expected to make announcements. Speakers at the TED conference include OpenAI's Sam Altman, former Google CEO Eric Schmidt, and the founder of Whole Foods. The four-day Fortinet Accelerate 25 event will begin.
The CEO will be one of the keynote speakers. Shares of Fortinet have rallied in the past following the event. The four-day Needham Virtual Healthcare Conference will include presentations and a fireside chat from leading public and private companies in the biopharma, medtech, diagnostics, and digital health sectors.
Participating companies include Immunome, Lucid Diagnostics, and Rocket Pharmaceuticals. And the four-day Space Symposium conference in Colorado Springs will feature representatives from the U.S. Space Force, Palantir, NASA, Amazon, AWS, Northrop Grumman, Raytheon, L3Harris, Blue Origin, and SpaceX. Now let's take a look at the markets today ahead of the opening bell. The sell-off continues.
Dow, S&P, and Nasdaq futures are in the red, all down around 4%. Crude oil is down 4.3% at less than $60 a barrel. Bitcoin is down 2.3% and now above that 75,000 mark that I told you about earlier. It's at 76,000. Gold is down 0.4% at $3,023. In the world markets, the FTSE 100 is down 5.1% and the DAX is down 6.3%. Shell is on our list of the biggest movers of the day pre-market.
Shell is down 7% after the company's Q1 2025 trading update highlighted higher upstream tax costs and a potential $5 billion working capital build, despite solid gas and oil trading. That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber.
Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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