BlackRock CEO Larry Fink said the market could see another 20% drop, but that the current drawdown is a buying opportunity in the long term as the current situation doesn’t pose systematic risk.

“I see it more as a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go down further,” Fink said during an appearance at the Economic Club of New York on Monday.

He noted that inflationary pressure is higher than market participants expect and that many already believe the U.S. to be in a recession. As a result, he does not anticipate the Federal Reserve to cut interest rates this year.

Last month, Fink published a letter to shareholders, warning about Bitcoin’s (BTC) threat to the U.S. dollar, which could weaken if Americans believe the cryptocurrency to be a safer asset than the dollar.

Markets, including the crypto market, have been in turmoil since U.S. President Donald Trump announced a host of tariffs on goods imported to the U.S. BTC is currently trading 5% lower over the past five days and 11% lower in the past month. Stocks were hit even worse with the S&P 500 and Nasdaq down 13% and 15%, respectively.

JPMorgan Chase CEO Jamie Dimon is warning investors about the potential of rising prices and further slowing of the U.S. economy as a result of U.S. President Donald Trump’s tariff policy.

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Dimon warned in his annual letter to shareholders. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”

“Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects,” he said, noting that price increases will not only affect imported goods but even domestic prices.

Global markets, including crypto markets have been in freefall since Sunday in anticipation of Trump’s most recent tariff announcement on Monday. Bitcoin (BTC), fell below $79,000 to its lowest point since November. It is currently trading flat over the past 24 hours at $78,235. The CoinDesk 20, which tracks the 20 largest crypto assets by market capitalization, is down more than 10% today and nearly 20% over the past month.

Dimon said that he is all for Trump’s “America First” foreign policy, but that it can’t turn into “America alone.”

“If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time,” he warned.

It’s been a wild ninety minutes in markets, with the Nasdaq swinging from about a 5% loss to a 5% gain and then returning to flat in very quick order on a story — later denied by the White House — that President Trump was considering a ninety-day delay in the implementation of his tariff regime for all countries except China.

«Fake news,» said White House Press Secretary Caroline Leavitt in response to the delay rumor.

The swing touched cryptos as well, with bitcoin (BTC) rising from the $74,400 to above $80,000 before retreating back to $79,000, still lower by 4.3% over the past 24 hours. Ether (ETH) remains lower by more than 11%, while XRP is down 9.3%.

Amid the ongoing market panic, there are some green shoots though, with European Union Commissioner Ursula von der Leyen saying, «Europe is ready to negotiate with the U.S.,» including offering zero-for zero tariffs on industrial goods.

President Trump, meanwhile, said, «Countries from all over the world are talking to us,» and claimed Japan is sending a «top team» to negotiate.