Satoshi street is facing a massive bloodbath with the crypto market crash as global markets react to Trump’s tariff war. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) prices have plumetted 6-12% today with over $900 million in liquidations in the last 24 hours. Analysts have started challenging Bitcoin’s “Digital Gold” and hedge status amid rising 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.
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 adding:
“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.
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