Global markets are plunging amid US President Donald Trump's tariff hikes and Beijing's retaliation, which has spilled over into cryptocurrency, pushing the flagship currency Bitcoin (BTC) below $80,000 on Monday, April 7.
Notably, Friday, April 4, saw the largest decline in Wall Street's major indices since COVID-19, with the S&P 500 falling 6%, the Dow falling 5.5%, and the tech-heavy Nasdaq Composite falling 5.8%.
Among other well-known cryptocurrencies, Ethereum (ETH), the second-largest by market capitalization, fared the worst as the sell-off spread to the cryptocurrency markets.
At 9:12 a.m. on Monday, April 7, 2025, Ethereum experienced a nearly 13% decline. At the same time, Bitcoin, the most popular cryptocurrency globally and the one with the largest market capitalization, fell by nearly 6.04 percent to roughly $78,291.26.
According to data from Binance, Bitcoin has moved between $83,511.25 and $77,097.74 over the last day.
After holding up well against the S&P 500 last week, Bitcoin has finally broken down and is trading near its March lows, according to Vikram Subburaj, CEO of Giottus Crypto Platform. "If sentiment improves and Bitcoin bounces, it will record a double bottom at these prices, which could be bullish in the mid-term."
According to Edul Patel, co-founder and CEO of Mudrex, investor sentiment remains low, with the Fear and Greed Index trending toward 'Extreme Fear.' However, Patel sees a potential bright spot ahead, as US federal agencies are expected to disclose the country's cryptocurrency holdings later today.
"A significant confirmation could result in a relief rally. According to Patel, Bitcoin must temporarily recover the $80,000 threshold or risk retesting its previous all-time high of $74,000.
Subburaj thinks that Bitcoin will probably drop to $72,000 in the upcoming weeks if it drops below $78,000.
On Monday, other cryptocurrencies were under pressure. Solana (SOL) experienced a 12% decline, while Binance Coin (BNB) experienced a 6% decline. The price of Ripple (XRP) had increased by roughly 12%.
