Satoshi Street is witnessing a major selloff as the crypto market crash in response to escalating global tensions triggered by Trump’s renewed tariff war. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have dropped 6–12% in the past 24 hours, with total liquidations exceeding $900 million. The steep correction has prompted analysts to question Bitcoin’s “digital gold” narrative and its reliability as a hedge amid growing volatility.

Crypto Market Crash: Investors Brace for Bloody Monday

On Monday morning in Asian trading hours, crypto market crashed as risk-ON assets faced heavy volatility. Top markets like China, Taiwan, Japan, Singapore, etc, hit circuit breakers in the early trading hours on Monday, with their indexes crashing 10%, sending the global markets into a situation of absolute turmoil.

Bitcoin price is down 6.9% in the last 24 hours, trading at the crucial support of $77,500, with daily trading volumes up by a staggering 220% to more than $44 billion. As per the Coinglass data, BTC’s 24-hour liquidations have surged to $322 million. Based on the Bitcoin technical chart, $77,500 is a crucial support level for BTC. If it fails to hold these levels, further correction could be deeper.

Source: Trading View

BTC As A Hedge Theory Fails?

Although Bitcoin price showed resilience to the Dow Jones crash last week, it is down by 7% today. However, it is still performing better as Asian indices are down 9-10% today. On the other hand, precious metals are up, as gold prices shot up $80 earlier today, and silver has an upward trajectory as well. Following today’s crypto market crash, Peter Schiff took the opportunity to add:

“After a delayed reaction on Friday, crypto is finally starting to crack. Ether has already fallen to its lowest level since Oct. 2023, down 65% from its peak, and Bitcoin just traded below 81K, taking out last week’s low. It could be a long day for those trapped in Bitcoin ETFs”.

As Donald Trump’s tariff war increases odds of US recession, debates over Bitcoin’s “digital gold” status have picked up once again. Long-term players still continue to remain bullish about BTC despite this volatility. Hunter Horsley, the CEO of Bitwise Investments, noted:

“As nations trust each other less. As corporations have more difficulty doing business. A global, digital, apolitical store of value — controlled by no nation — looks increasingly differentiated. Bitcoin’s place in the world has never been more valuable”.

Altcoins Crash – ETH, SOL, DOGE Lose Crucial Support Levels

The altcoins market correction has extended further with Ethereum (ETH) price crashing 13.5% at press time and plummeting to $1,550. As a result, the world’s largest acltoin has extended its 2025 losses to more than 53% while leaving investors in a complete state of shock. Investors believe that ETH price crash today leaves the gates open for the $1,100-$1,300 range. However, on-chain data from Spot On Chain shows that whales are buying the ETH price dips.

Whales are buying $ETH during the dip in the past 12 hours as the market crashed!

1️⃣ The mystery group “7 Siblings” spent $42.66M to buy 25,100 $ETH at ~$1,700, then supplied all tokens to #Aave.

2️⃣ Whale “0x709” borrowed 8.25M $DAI from #Spark to buy 5,227.3 $ETH at ~$1,578.… pic.twitter.com/hQZBpfPT7F

— Spot On Chain (@spotonchain) April 7, 2025

Other altcoins have faced a drop of a similar magnitude. XRP price is down 14.5%, dropping under the crucial $2 support, while analysts predict a further crash to $0.65 ahead. Solana price is also down today by 14% to $102 levels, while Dogecoin price has plummeted 16% to $0.143 levels.

The post Crypto Market Crash: Bitcoin and Altcoins Collapse 7-12%, What’s Next? appeared first on CoinGape.

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Filed under: News - @ April 7, 2025 4:51 am