The crypto market just got a harsh wake-up call. The announcement from U.S. President Donald Trump has sent shockwaves through global markets – crypto included. Bitcoin dropped over 7% to dip below $75,000, while Ethereum plunged nearly 14.5%, marking one of its steepest drops in months. But this is part of a much bigger story.
With global stocks losing over $8 trillion in value and investors scrambling to react, this sudden panic could be the start of something much larger. Here’s what’s behind the chaos – and why things might get even more intense.
On April 2, Trump revealed that the U.S. would start imposing a 10% tax on all imported goods. He also added higher tariffs on products from 185 countries, calling them the worst offenders in unfair trade. These new tariffs are set to begin on April 9, but U.S. customs already started collecting the 10% tax over the weekend.
This came right after Wall Street’s worst week since 2020. As a result, U.S. futures dropped on Sunday night, and Bitcoin followed, as investors moved away from risky assets.
Trump’s new policy includes a 10% tax on almost all imports, 34% on Chinese goods, and 20% on products from the European Union. In response, China fired back with its own 34% tariffs on U.S. goods. This back-and-forth sparked fear across global markets, causing a wave of selling.
Crypto wasn’t spared—$590 million was wiped out as liquidations surged, dragging Bitcoin below the $78K mark and triggering a broader sell-off across financial markets.
In just one day, long positions worth $868 million were liquidated in the crypto market—the highest since March. At the same time, U.S. stocks also took a hit, with the S&P 500 and Nasdaq both falling nearly 6%. Crypto markets mirrored the pain, tumbling alongside traditional assets.
Bitcoin’s drop wasn’t just about price – it also broke a key rising wedge pattern on the charts. A bearish “death cross” also formed, which often signals more downside. Traders are now watching $74,000 as the nearest support level, with $65,000 and $57,000 as deeper zones where buyers might try to step in.
On April 6, Bitcoin briefly climbed to $83,813 but quickly pulled back. The MACD flashed a bearish crossover, while the RSI showed the asset was oversold several times leading into April 7. A short-lived “golden cross” gave hope for a recovery, but fresh selling pressure pushed BTC lower again—raising chances of a dip below $75,000.
Economist Peter Schiff, a longtime crypto critic, said the market is “finally starting to crack.” He blamed Trump’s economic strategy and criticized the idea of a Strategic Bitcoin Reserve. Schiff also warned ETF investors to prepare for tough times ahead. Even the Trump-themed meme coin dropped over 13%, and it’s now down nearly 90% from its January peak.
Still, not everyone is bearish. Bitcoin advocate Max Keiser sees this panic as a setup for a major rally. He believes Bitcoin could hit $220,000 this month, as global capital flows into safe-haven assets like BTC.
Markets are on edge, charts are cracking, and Bitcoin’s fate might just hang on the next headline – buckle up, it’s going to be a wild April.
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