Crypto Market Crashes Today: Is This the Beginning of the End—Or a Massive Comeback?
Jakarta, Pintu News – The crypto market experienced a severe shock due to a massive sell-off after Donald Trump’s surprise announcement of wide-ranging trade tariffs.
On April 7, 2025, the price of Bitcoin plummeted more than 7% and hovered around $75,000, while Ethereum slumped nearly 14.5%, dropping the ETH/BTC ratio to a five-year low.
This panic didn’t just hit crypto; global stock markets also went into freefall, wiping out over $8 trillion in value in just the past week.
New Tariffs Trigger Panic in Global Markets
On April 2, 2025, Donald Trump announced that the US would begin imposing a 10% tax on all goods entering the country. He also added additional tariffs on products from 185 countries, which he called the most unfair trade actors.
Read also: Crypto Fear & Greed Index Plummets to 17! Bitcoin Freefalls to $75,000 – Panic Hits the Market?
The new tariffs will come into effect on April 9, but US customs has already started collecting the 10% tax since the weekend, shortly after the stock market had its worst week since 2020.
As a result, the US futures market plummeted on Sunday night, and Bitcoin prices slumped with it as investors began to shun risky assets.
Trump’s new policy is very impactful: 10% tariffs on almost all imports, 34% on goods from China, and 20% on EU products. In retaliation, China implemented a 34% tariff on goods from the US, triggering a “risk-off” sentiment globally.
The tariff war caused a massive sell-off in the market, with $590 million worth of liquidations, pushing the price of Bitcoin down below $78,000, and shaking up both traditional and digital markets.
Within 24 hours (7/4/25), $868 million worth of crypto long positions were liquidated-the highest number since March. The S&P 500 and Nasdaq indices fell by almost 6%, and the crypto market took the fall with them.
Bitcoin Experiences Serious Technical Pressure
Bitcoin’s price drop is not just a normal correction-technically, BTC has broken out of an important rising wedge pattern and formed a bearish death cross pattern on the chart.
This pattern is often considered as an early signal of a potential deeper decline. Currently, analysts are eyeing key levels such as $74,000 as initial support, $65,000 as the next limit, and $57,000 as the last defense zone that buyers might guard.
On April 6, Bitcoin briefly touched a peak of $83,813 before turning sharply lower. The MACD indicator showed a bearish crossover, and the RSI signaled oversold conditions several times ahead of April 7.
Despite a golden cross that gave hope of recovery, selling pressure returned and pushed the price of BTC below $75,000.
Read also: Crypto Black Monday Begins? Over $1 Billion Lost in Weekend’s Brutal Crypto Liquidation!
Analyst Opinion
Economist Peter Schiff stated that the crypto market is “finally starting to crack”, while criticizing Trump’s economic strategy and the idea of forming a Strategic Bitcoin Reserve.
He also warned ETF investors of tough conditions to come. Even Trump-themed meme coins collapsed by more than 13%-now down nearly 90% from their January peak.
But not all analysts are pessimistic. Max Keiser sees this panic as the start of a major Bitcoin rally. He predicts BTC could reach $220,000 this month, as global capital seeks safe havens.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coinpedia. Crypto Price Today Crashes: When Will Crypto Go Back Up? Accessed on April 7, 2025
