Cryptocurrencies were hit by US President Donald Trump’s global tariff war, with several tokens falling in value significantly on Monday, April 7. Bitcoin, the largest cryptocurrency in terms of market value, fell 7.67%, reaching $76,947.87.
This fall came as the ongoing tariff war reduced investors’ appetite for higher-risk assets such as crypto.
Meanwhile, Ethereum fell 14.54%, hitting $1,545.19, XRP fell 17.02%, hitting $1.76, Solana dropped by 15.02%, hitting $101.79, and DOGE was down by 15.56%, reaching $0.1412.
“As futures on Wall Street dipped and ‘Black Monday’ repeat fears emerged, the coupling between traditional markets and crypto holdings becomes more visible,” a Mint report quoted Avinash Shekhar, Co-Founder & CEO of Pi42, as saying. “The sudden plunge of Bitcoin below the $80,000 threshold and overall crypto market selloff that erased more than $160 billion in value a pivotal point fueled by macroeconomic uncertainty and investor wariness.”
Overall, the global crypto market’s capitalisation is now, $2.5 trillion, which is a 6.59 per cent decrease over the past 24 hours, according to CoinMarketCap data.
The crypto market mirrored trends seen in the stock market. In the US, stocks slid during the previous close, with the tech-heavy Nasdaq Composite Index falling by 962.82 points or 5.82%, reaching 15,587.79.
Meanwhile, the Nasdaq US 500 Large Cap Index was down by 170.18 or 6.06%, reaching 2,638.28, and the Nasdaq-100 Index was down by 1,123.78 points or 6.07%, reaching 17,397.70.
In India, the market collapsed as the trading session began on Monday. At 11:45 am, the Sensex fell by a staggering 2,661.62 points or 3.53 per cent, reaching 72,703.07. The Nifty meanwhile was down by 887.25 points or 3.87 per cent in the red, reaching 22,017.20.
