Bitcoin is down more than 7% as cryptocurrencies crash amid Donald Trump’s tariff battle.
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 decline occurred when investors’ desire for riskier assets, including cryptocurrency, was diminished by the ongoing trade battle.
In the meantime, XRP plummeted 17.02% to $1.76, Solana declined 15.02% to $101.79, Ethereum sank 14.54% to $1,545.19, and DOGE fell 15.56% to $0.1412.
Avinash Shekhar, Co-Founder & CEO of Pi42, was quoted in a Mint report as saying, “The coupling between traditional markets and crypto holdings becomes more visible as futures on Wall Street dipped and ‘Black Monday’ repeat fears emerged.” “Macroeconomic uncertainty and investor hesitancy were key factors in the abrupt decline of Bitcoin below the $80,000 mark and the overall selloff in the cryptocurrency market that erased more than $160 billion in value.”
According to CoinMarketCap data, the total capitalization of the global cryptocurrency market is currently $2.5 trillion, a 6.59 percent decline over the previous day.
Trends in the stock market were reflected in the cryptocurrency market. The tech-heavy Nasdaq Composite Index fell 962.82 points, or 5.82%, to 15,587.79 during the previous session, as US stocks fell.
The Nasdaq-100 Index down 1,123.78 points, or 6.07%, to 17,397.70, while the Nasdaq US 500 Large Cap Index fell 170.18 points, or 6.06%, to 2,638.28.
When Monday’s trading session started, the Indian market crashed. The Sensex plummeted 2,661.62 points, or 3.53 percent, at 11:45 am, hitting 72,703.07. In contrast, the Nifty fell 887.25 points, or 3.87 percent, to close at 22,017.20.
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