Wall Street panics, Bitcoin plunges – What’s really going on?
In just a few hours on Sunday night (April 7), over $50 billion was wiped
out from the crypto market, dragging the total market cap down to $2.48
trillion.
Bitcoin (BTC) — the leading cryptocurrency — dropped 7%, hitting an
intraday low of $77,098 before slightly recovering to $77,654.
U.S. stock market crash drags crypto down
Bitcoin's sharp drop didn’t stem from within the crypto market itself, but
rather reflects widespread fear spilling over from Wall Street.
The Dow Jones plunged over 1,500 points (around 4.1%), while the S&P
500 dropped 4.6%. Many experts point to President Trump’s new tax policy as
the main driver of market turmoil.
Trump recently announced a sweeping 10% import tax, with rates as high as
50% on certain countries, including China and Vietnam.
Notably, it's not just stocks taking a hit — gold also fell 1.9%, now
trading at $2,980 per ounce — dipping below the $3,000 mark for the first
time in weeks.
Altcoins plunge, market cap falls below $1 trillion
It’s not just BTC — altcoins are also deep in the red amid a wave of
sell-offs. The total altcoin market cap has dropped sharply to $930 billion,
down significantly from earlier in the week.
Bitcoin has now fallen 28.3% from its peak three months ago and is
approaching a key support level at $76,600 — last seen on March 10,
2025.
Investors are now eyeing Wall Street’s Monday opening and key upcoming
economic data: Q1 earnings season and the Consumer Price Index (CPI) report
on Thursday — both of which could further fuel market volatility.
Countinue Reading »
