Bitcoin price today: The impact of United States President Donald Trump’s global tariffs war finally hit cryptocurrencies on April 7, with the markets seeing a sharp sell-off at Asia open, Bloomberg reported.
Coinglass data show about $745 million worth of bullish crypto bets were sold over the past 24 hours, the highest in nearly six weeks, it added.
The significant slump indicates “a clear risk-off sentiment across markets”, the report added. Notably, the world’s biggest cryptocurrency, Bitcoin, plummeted by 7 per cent to $77,077 at markets open in Singapore on April 7. Ethereum, the second largest crypto, also sunk to its lowest intra-day levels since October 2023 to $1,538, it said.
Global Crypto Markets Down 6.59% Amid Trump Tariffs
The global crypto markets capitalisation (m-cap) on April 7 is $2.5 trillion, a 6.59 per cent decrease over the past 24 hours, according to data on CoinMarketCap. Overall, the total crypto market trading volume over the last 24 hours is $101.84 billon, up 137.91 per cent.
Further, the total volume in DeFi is currently $6.02 billion, 5.91 per cent of the overall crypto market 24-hour volume. The volume of all stable coins is now $95.57 billion, which is 93.84 per cent of the total crypto market 24-hour volume.
Bitcoin’s dominance in the crypto market on April 7 is at 62.52 per cent, an increase of 0.57 per cent over the day.
Bitcoin Price Today: At $78,000 Levels, Ether, Solana, Tether Also Down
At time of writing, at 7 am on April 7, Bitcoin had recovered slightly from its open levels to settle near $78,938 apiece, still down 5.69 per cent over the past 24 hours. The m-cap of Bitcoin is at $1.56 trillion and trading volume was at $40.97 billion, data on CoinMarketCap showed.
Further, Ethereum was at $1,590.06, down 12.10 per cent from the previous day, with m-cap of $191.88 billion and trade volumes of $24.77 billion.
Solana was at $106.53 apiece on April 7, down 11.44 per cent over the past 24 hours, with a market cap of $54.91 billion and trade volume of $4.25 billion.
And Tether was at 0.9994, with a market cap of $144.18 billion and volume of $82.48 billion — double that of even Bitcoin. As Tether is a stablecoin linked to the US Dollar, many use it to buy and sell other crypto tokens, thus pushing its trading volume to number one, ahead of the largest crypto.
What Do Experts Say About Crypto Markets Slump?
Sean McNulty, head of APAC derivatives at digital-asset prime brokerage FalconX told Bloomberg that Options markets suggest the selling pressure may continue “with the skew for puts picking up considerably”.
“Key support levels for Bitcoin and Ether are $75,000 and $1,500, respectively,” he added.
“Macro is driving the action right now. The tariff-driven pullback is idiosyncratic and not because of deeper issues in our economy. Just like it was artificially injected in, so too can it be taken out after the Trump administration feels it has won concessions from other countries,” Cosmo Jiang, general partner at Pantera Capital told the publication.
(With inputs from Bloomberg)
