Bitcoin (BTC) and the crypto markets plunged on Monday morning (Asia). The week started with a bloodbath as Donald Trump’s tariffs decimated the global stock markets. Crypto prices crashed after the US stock futures market opened significantly lower on April 6, as the Trump administration doubled down on tariffs. BTC plunged below $80,000 after shedding over 7% and is trading around $77,317. Analysts had warned the flagship cryptocurrency risked a decline to $75,000 if bearish sentiment returned.
Meanwhile, Ethereum (ETH) plummeted over 15% as its price tanked to $1,530. ETH could slip below $1,500 should selling pressure intensify. Ripple (XRP) also registered a significant decline, dropping almost 16%, falling below $2 to its current level of $1.79. Meanwhile, Solana (SOL) is struggling to stay above $100, with the price down over 15% at $101. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Toncoin (TON), Stellar (XLM), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) also registered significant losses. As a result, the crypto market cap has plunged almost 8% and sits at 7.47 trillion.
Crypto Plunges As Trump Tariffs Decimate Global Markets
The crypto market plunged as markets tanked after the Trump administration doubled down on its tariff strategy. The US imposed a 10% tariff on all countries starting April 5, hitting some trade partners with even higher rates. This included China (34%), The European Union (20%), and Japan (24%). As a result, BTC slumped over 6% on Sunday and is down almost 2% during the ongoing session as investors pull out of riskier assets. The flagship cryptocurrency has hit a low of $76,614 during the ongoing session.
Meanwhile, the Crypto Fear & Greed Index, which measures market sentiment for crypto, fell to 23, a level regarded as “Extreme Fear.” Charlie Sherry, Head of Finance at Australian Crypto exchange BTC Markets, said he believes the drop should not come as a surprise, given that markets were more illiquid over the weekend.
“As a result, a few large sell-offs can have a disproportionate impact, pushing prices down quickly. There’s no mystery behind the trigger: President Trump’s recent tariff talk has rattled macro markets, with global trade relations suddenly looking uncertain.”
However, others like BitMEX co-founder Arthur Hayes believe a Bitcoin breakout could be around the corner, stating that while tariffs have rattled the market, they could lead to a substantial Bitcoin rally.
Meanwhile, the US Stock Futures opened in the red, with Futures tied to the S&P 500 dropping nearly 4%. The tech-heavy Nasdaq also entered bear market territory, while the Dow Jones Industrial Average futures slumped over 8%. According to the Kobeissi Letter, the US stock market has erased an average of $400 billion per trading day for the last 32 days. Tom Dunleavy, a managing partner at venture capital firm, MV Global, believes it could be the worst three-day move for US stocks of all time if the futures held. President Trump doubled down on his tariff strategy, stating that the US had massive financial deficits with China, the EU, and other trading partners, which the tariffs would solve.
“The only way this problem can be cured is with TARIFFS, which are now bringing tens of billions of dollars into the USA. They are already in effect and a beautiful thing to behold.”
White House Official Confirms Bitcoin, Crypto Holdings Reports
A White House official has confirmed that federal agencies have until Monday to report their Bitcoin and crypto holdings to Treasury Secretary Scott Bessent. The reporting is part of President Trump’s executive order to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile. The order mandates that all federal agencies disclose their Bitcoin and digital asset holdings to the Treasury Secretary within 30 days. However, it is unclear if the results will be made public since the order does not require public disclosure.
The Treasury Secretary will also oversee two new offices that manage government-held digital assets. The Strategic Bitcoin Reserve, designed as a digital Fort Knox, will hold Bitcoin obtained during criminal or civil forfeiture and maintain these holdings long-term without selling them. Meanwhile, assets in the digital assets stockpile will also be acquired through civil and criminal forfeiture. However, the Treasury Secretary can liquidate these assets for active management, setting it apart from the Bitcoin Reserve.
Brazil’s Largest Bank Mulls Stablecoins
Banks in several countries are studying stablecoins and looking to integrate them with their business model. The latest bank to join the fray is the Itaú Unibanco, Brazil, and LATAM’s largest bank. The bank recently floated the possibility of issuing an in-house stablecoin to serve its over 55 million customers. Guto Antones, the head of digital assets at Itaú said the bank’s interest in stablecoins surged after the US government pivoted to crypto and the growing relevance of stablecoins as tools to protect and promote the sovereignty of the Dollar.
“Of course, it is always on the agenda. The issue of stablecoins has always been on Itaú’s radar. We cannot ignore the power that blockchain has to settle transactions atomically.”
However, Brazil has hesitated to adopt Bitcoin and crypto as an investment asset. The country’s National Monetary Council recently issued a regulation banning retirement funds from investing in cryptocurrencies. The resolution, published on March 27, amends a previous regulation regarding the rules that supplementary pension entities must follow. The rules have been amended to state that these entities cannot acquire or maintain, directly or indirectly, investments in virtual assets.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is nearing double-digit losses over the past 24 hours, with the flagship cryptocurrency down almost 10% over the past 24 hours. Crypto and the broader markets have been decimated by tariffs and trade war pains. As a result, investors adopted a complete risk-off sentiment across markets as selling gathered pace. A drop to $70,000 became a sobering reality just days after analysts waxed eloquent on BTC, claiming it had decoupled from traditional equities and reinforced its status as a hedge during difficult market times. The slide comes after President Donald Trump doubled down on tariffs, imposing sweeping levies on trading partners, wiping trillions from the equities market. US equity-index futures plunged, and the yen surged as deepening turmoil engulfed the financial market. Trump backed his tariffs, stating it was short-term pain for long-term gain, but investors who have seen trillions wiped out could soon ask, “How much pain is too much pain?”
Meanwhile, CryptoQuant CEO Ki Young Ju believes Bitcoin could remain in a bear market for at least six months. BTC has endured a torrid start to April and has plunged below $75,000 during the ongoing session, with a drop to $70,000 becoming a real possibility. Ju pointed out that BTC’s bear market is reflected in several on-chain metrics like market capitalization and realized cap declaring that the bull cycle is over. Ju stated,
“Bitcoin bull cycle is over — here’s why. There’s a concept in on-chain data called Realized Cap. It works like this: when BTC enters a blockchain wallet, it’s considered a ‘buy’ and when it leaves, it’s treated as a ‘sell.’ Using this idea, we can estimate an average cost basis for each wallet. Multiply that by the amount of BTC held, and you get the total Realized Cap. It’s often seen as the total capital that has entered the Bitcoin market through actual on-chain activity.”
Ju stated that a bull market occurs when modest capital significantly drives prices higher. However, BTC’s bearish trend is supported by the fact that even large capital purchases of the asset are failing to drive up the price. He added that historical data shows that a true reversal in the price of Bitcoin generally takes six months, making a short-term rally highly unlikely. According to data from Coinglass, BTC declined nearly 12%, enduring its worst Q1 start since 2018. Losses in the first quarter have historically had a mixed impact on Bitcoin’s yearly performance.
The price chart shows the extent of BTC’s decline, with the flagship cryptocurrency down almost 11% over the past two days and continuing to drop. BTC fell below the 200-day SMA and $85,000 last Friday and settled at $84,422. Price action remained bearish on Saturday as BTC fell over 2%, slipping below the 20-day SMA and settling at $82,704. Sellers retained control on Sunday as the price registered a marginal decline and settled at $82,404. The price encountered volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase. Bullish sentiment intensified on Tuesday as BTC rose over 3%, moving past the 20-day SMA and $85,000 and settling at $85,152.
Source: TradingView
BTC surged to an intraday high of $88,624 on Wednesday as bullish sentiment intensified. However, BTC lost momentum after reaching this level and dropped over 3%, slipping below the 20-day SMA and $85,000 and settling at $82,525. The price recovered on Thursday and Friday, rising 0.82% and 0.76% to settle at $83,828. However, price action turned bearish on Saturday, and BTC registered a marginal decline to settle at $83,423. Markets went into freefall on Sunday as Trump’s tariffs drove steep losses. As a result, BTC fell over 6%, plunging below $80,000 and settling at $78,301. The current session sees BTC down over 4% and trading at $74,903. The RSI and MACD indicate that bearish sentiment has overwhelmed the market. If selling pressure continues to gather steam, BTC could slump to $70,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) crashed below $1,500 as the crypto market plunged into the red after global markets were decimated thanks to Trump’s tariffs. ETH has fallen over 18% since Monday, dropping below key levels. Continued selling pressure could drive ETH below $1,400 and even $1,000 as markets struggle with mounting losses. Charlie Sherry, head of finance and analyst at Bitcoin Markets stated in a research note,
“For a moment, it seemed as though crypto might hold steady, but with the 24/7 nature of crypto markets, investors woke up on Sunday in full ‘sell mode.’”
ETH had stabilized around the $1,800 mark after slipping below the 20-day SMA last Friday. Price action remained bearish over the weekend, with ETH dropping almost 4% on Saturday and 1.14% on Sunday to settle at $1,807. The price recovered on Monday, rising 0.79% and settling at $1,822. Buyers retained control on Tuesday as ETH registered an increase of almost 5% and settled at $1,905. However, bulls lost momentum on Wednesday as ETH dropped nearly 6%, slipping below $1,800 and settling at $1,794. The price recovered on Thursday despite overwhelming selling pressure, registering an increase of .23% and settling at $1,816.
Source: TradingView
ETH lost momentum on Friday and registered a marginal decline, with neither buyers nor sellers influencing price action. A marginal drop on Saturday saw ETH drop to $1,806 as buyers struggled to hold on to $1,800. Markets tanked on Sunday as bears took control. As a result, ETH plunged over 12%, slipping below $1,800 and settling at 1,579. The current session sees ETH down almost 7%, with the price registering a marginal increase after falling to a low of $1,412. The MACD and RSI indicate bears are dominating the markets, and ETH could see its decline continue.
Solana (SOL) Price Analysis
Solana (SOL)’s bearish trajectory has intensified after markets went into freefall after Donald Trump’s trade tariffs kicked in. The crypto and traditional markets have been decimated as tariffs wreaked havoc on the market, causing extreme price drops as the market correction shows no signs of stopping.
SOL had been trading downwards since March 25 and slipped below the 20-day SMA on Friday. The price continued to drop on Saturday, dropping almost 4% and settling at $124. Despite the selling pressure, SOL registered a marginal increase on Sunday to end the previous weekend positively. However, it was back in the red on Monday, registering a marginal decline. SOL recovered on Tuesday, registering an increase of almost 2%, and settled at $126. It surged to an intraday high of $135 on Wednesday as bullish sentiment intensified but lost momentum, dropping over 7%, slipping below $120 and settling at $117. Price action remained bearish on Thursday, with the price registering a marginal decline.
Source: TradingView
SOL recovered on Friday despite overwhelming selling pressure, registering an increase of almost 5% and settling at 122. However, it was back in the red on Saturday, dropping 1.95% and settling at $120. Bearish sentiment intensified on Sunday as markets tanked. As a result, SOL plunged over 12%, slipping below $120 and settling at $105. SOL has remained in the red during the ongoing session, with the price down almost 6% and trading below $100.
Dogecoin (DOGE) Price Analysis
The meme coin ecosystem has declined substantially since Sunday, with prominent tokens like Dogecoin (DOGE) and Dogwifhat (WIF) registering significant losses. DOGE fell below the 20-day SMA last Saturday after a drop of over 6% and settled at $0.669. The price continued to drop on Sunday, dropping 1.12% and settling at $0.167. DOGE registered a marginal drop on Monday but recovered on Tuesday, registering an increase of almost 5% and settling at $0.174. However, DOGE was back in the red on Wednesday, dropping over 6% after failing to cross the 20-day SMA. The price continued to drop on Thursday, falling 1.28^ and settling at $0.162.
Source: TradingView
DOGE made a strong recovery on Friday, registering an increase of 5.55% and settling at $0.171. Bearish sentiment returned over the weekend, with the price dropping almost 2% and settling at $0.168. Bearish sentiment intensified on Sunday as global markets were routed. As a result, DOGE fell over 11%, slipping below $0.150 and settling at $0.148. DOGE is down almost 7% during the current session, trading at $0.138 after recovering from a low of $0.129.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) fell below the 20-day SMA on Friday, slipping below $0.50 and settling at $0.460. The price continued to decline on Saturday, falling over 6%, but recovered on Sunday, registering an increase of over 1% and settling at $0.436. WIF was back in the red Monday, falling 3.81% and settling at $0.420. The price registered a marginal increase on Wednesday but was back in the red on Thursday, dropping almost 12% and settling at $0.373. WIF recovered on Thursday despite the overwhelming bearish sentiment, registering an increase of nearly 3% and settling at $0.383.
Source: TradingView
The price continued to push higher on Friday, rising 1.27% and settling at $0.388. However, buyers lost momentum after reaching this level, and WIF registered a marginal drop on Saturday to settle at $0.386. Bearish sentiment intensified on Sunday as markets tanked. As a result, WIF plunged almost 14% to $0.334. The current session sees the price down nearly 1% as sellers look to lower the price.
Celestia (TIA) Price Analysis
Celestia (TIA) has traded primarily in the red since failing to move past $4 on March 27. It fell below the 20 and 50-day SMAs last Saturday before registering an increase of almost 1% on Sunday to end the weekend at $3.24. TIA was back in the red on Monday, dropping over 5% and settling at $3.07. The price recovered on Tuesday, rising 2.41%, but dropped on Wednesday as selling pressure returned, falling over 7%, slipping below $3 and settling at $2.92. Sellers retained control on Thursday as TIA fell over 3% to $2.82 but not before hitting an intraday low of $2.65.
Source: TradingView
TIA remained firmly in bearish territory on Friday, falling almost 4% and settling at $2.72. Buyers attempted a recovery on Saturday but were unsuccessful, with TIA dropping 1.14% to $2.68. Bearish sentiment intensified on Sunday as TIA plunged almost 13%, slipping below $2.50 and settling at $2.34. The current session sees TIA down over 2% and trading at $2.29 after recovering from a low of $2.14.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) fell below the 20-day SMA on Friday (March 28), dropping almost 10% to $0.347. The price continued to drop on Saturday, dropping nearly 5% and settling at $0.330, but registered a marginal increase on Sunday and settled at $0.331. ARB was back in the red on Monday, dropping 1.21% to $0.327, but recovered on Tuesday, rising almost 2% and settling at $0.333. Price action turned bearish on Wednesday, and ARB fell over 8% to $0.306. ARB registered an increase of 1.14% on Thursday and settled at $0.310.
Source: TradingView
Buyers retained control on Friday, with the price registering a marginal increase and settling at $0.312. Bearish sentiment returned over the weekend, with the price dropping 1.12% on Saturday. Selling pressure increased substantially on Sunday as ARB plunged over 13%, slipping below $0.30 and settling at $0.267. The current session sees ARB marginally down as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.