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Markets crashed on Monday after President Trump announced major new tariffs. China hit back quickly, slapping 34% duties on all U.S. imports starting April 10. The rising tension has investors worried about a full-blown trade war.
The sudden drop comes just a day after reports claimed Bitcoin was breaking away from the S&P 500 and acting more like a safe haven asset. Bitcoin has taken a sharp dive plunging over 10% to below $78,000 after President Donald Trump unveiled sweeping global tariffs. This comes despite his pro-crypto stance, including appointing supportive regulators and backing digital assets. But economic uncertainty is taking a toll on investor confidence, and many are now rethinking their positions as tariffs start to weigh heavily on the crypto market.
In a massive market bloodbath, Bitcoin, Ethereum, Solana, and Dogecoin have plunged 6–12% today. With over $900 million in liquidations, analysts are beginning to question Bitcoin’s reputation as “digital gold” and a safe haven asset.
Bitcoin Down Over 6%
Bitcoin is down 6.9% in the past 24 hours, now hovering at a key support level of $77,500. Trading volume has skyrocketed 220%, topping $44 billion, while BTC’s 24 hour liquidations have hit $322 million, according to Coinglass. With $77,500 acting as a crucial support on the charts, analysts warn that if BTC breaks below this level, a deeper correction could be on the way.
Altcoins Hit Hard, ETH Crashes 13%!
Altcoins are taking a big hit. Ethereum (ETH) has crashed 13.5% to $1,550, now down over 53% this year. Investors fear it could drop to $1,100–$1,300, though whale activity shows some are buying the dip.
XRP is down 14.5%, falling below $2, with a possible slide to $0.65. Solana has dropped 14% to $102, and Dogecoin is down 16% to $0.143, as the altcoin market faces heavy losses.
Is The Bull Run Over?
Recently, CryptoQuant CEO Ki Young Ju shared in an X post that the bull run is likely over, based on on-chain data. He points to a rising Realized Cap and flat market cap as signs that bears are in control. Ju believes this downtrend could last up to six months, lowering hopes for a quick recovery
Despite the price swings, many long-term investors are staying confident. Bitwise CEO Hunter Horsley noted that as global trust breaks down and doing business across borders becomes harder, Bitcoin’s value as a neutral, decentralized, and borderless asset becomes more important. He remarked that Bitcoin’s place in the world has never been more valuable.