Following the recent global market turbulence, cryptocurrencies have started to experience a downward trend after remaining relatively stable last week.

On Monday morning, Bitcoin, the leading cryptocurrency, dropped below $75,000 before showing a slight recovery. This marks a significant decrease in Bitcoin's value, not seen since after President Donald Trump's election victory last year, which initiated a surge in cryptocurrency prices. While Trump has been a strong advocate for the crypto industry, his policy announcements have caused turmoil in traditional markets.

Despite being hailed by supporters as a digital asset comparable to gold that can offset market volatility, the continuous decline in Bitcoin's price suggests that this hypothesis has yet to be validated, according to Garrick Hileman, an independent analyst specializing in cryptocurrencies.

Other major cryptocurrencies, such as Ether, have also experienced substantial declines in value on Monday, with Ether trading at around $1,500. Ether's value has halved since Eric Trump's endorsement of the cryptocurrency in February.

Moreover, President Trump's own cryptocurrency, a meme coin launched prior to his presidency, dropped below $8 on Monday. The decline in cryptocurrency prices has also impacted stocks of companies closely associated with the industry.