The global cryptocurrency market witnessed a sharp crash today, with Bitcoin and major altcoins plunging in a widespread risk-off sentiment triggered by escalating geopolitical tensions and macroeconomic instability.
Bitcoin Drops Below $80K as Panic Grips Markets
Throughout late Sunday, Bitcoin suffered a collapse which dropped below its important $80,000 psychological barrier before continuing its decline to trade near $75,318 on Monday while showing a total 9.3% decrease in value since yesterday. Global stock values and commodity sectors continue to decline after investors processed tariff announcements from former President Donald Trump.
The Trump administration implemented what proved to be unexpected high tariffs which targeted a 20% duty on EU products and 26% on Japanese imports and 34% on Chinese merchandise. China implemented retaliatory trade duties after the development which now raises concerns about prolonged economic turmoil and possible economic recession.
Altcoins Follow Bitcoin’s Lead
As Bitcoin tumbled below key support levels, major altcoins mirrored the decline amid escalating global trade tensions. Ethereum (ETH) dropped 8.5% to approximately $1,462, while XRP plummeted 19% to $1.70. Solana (SOL) fell 9.9% to $95.26, with Cardano (ADA) and Avalanche (AVAX) also recording double-digit losses.
- Ethereum (ETH): Down 8.5%, trading at approximately $1,462
- XRP: One of the worst-hit, collapsing 19% to $1.70
- Solana (SOL): Fell 9.9% to $107.19
- Cardano (ADA) and Avalanche (AVAX) also recorded double-digit losses
Crypto analyst Matthew Weller from Forex.com notes that “markets are de-risking across the board,” pointing to a synchronized sell-off in both traditional and digital assets.
Liquidations Surge as Bulls Flee
According to data from CoinGlass, over $250 million in long positions were liquidated in the past 24 hours, the largest single-day wipeout since early March. This forced selling further dragged prices down. Bitcoin’s collapse was accelerated by a wave of liquidations.
Analysts signaled attention to the appearance of a “death cross” technical indicator which displays a bearish pattern through 50-day average falling beneath the 200-day metric. A death cross pattern in technical analysis has traditionally led to long periods of falling market value.
Key technical support levels to watch include:
- $74,000 — immediate psychological support
- $65,000 — near February consolidation range
- $57,000 — critical long-term floor
On the upside, any recovery would likely face resistance near $87,000, analysts say.
What’s Next After this Crypto Market Crash?
Market participants should exercise carefulness due to intensifying geopolitical risks and worldwide recession worries. The upcoming market conditions will exhibit elevated volatility while investors follow developments about economic indicators and feedback from central banks and international diplomatic initiatives.
“Crypto is still finding its place in global markets,” added Weller. “For now, it’s acting more like a risk asset than a safe haven.”
