The crypto market just endured one of its most violent crashes in recent memory — and it blindsided nearly everyone.
What was shaping up to be another bullish week turned into a bloodbath, thanks to a single announcement from President Trump. In a surprise press briefing, he introduced sweeping new global tariffs, igniting a fast-moving trade war that sent shockwaves through financial markets — and crypto wasn’t spared.
900 Million Liquidated in Hours
Bitcoin and major altcoins went into freefall. Over $900 million in positions were liquidated within mere hours, as panic gripped the markets and leveraged longs were obliterated.
This wasn't a correction — it was a market-wide jolt that wiped out billions in value.
The Spark: U.S.–China Trade War Reignites
The chaos began when Trump unveiled aggressive tariffs targeting global trade imbalances. China’s retaliation was swift: a 34% blanket duty on all U.S. imports, effective April 10. The escalating trade tensions unraveled market confidence across the board.
Bitcoin Buckles: $322M in BTC Liquidations
Bitcoin, which had been flirting with “safe haven” status, collapsed over 10% — dipping below $78,000 despite weeks of bullish sentiment and decoupling narratives.
Current Price: $77,500 (key support)
Volume: +220%, now over $44 billion
Liquidations: $322M in BTC alone
Analysts warn: a clean break below $77.5K could open the door to $72K–$74K next.
Altcoins Crushed Across the Board
While Bitcoin's plunge was severe, altcoins were decimated:
Ethereum (ETH): -13.5%, now at $1,550 (2025 low)
XRP: -14.5%, teetering near $0.65 support
Solana (SOL): -14%, down to $102
Dogecoin (DOGE): -16%, now $0.143
Bitcoin’s Safe Haven Status in Question
As the carnage unfolds, a larger debate resurfaces: is Bitcoin truly “digital gold”?
Bitwise CEO Hunter Horsley thinks so.
“It’s in moments like this that Bitcoin’s real value is revealed. When no one trusts anyone — you trust the code.”
Still, that long-term conviction offers little relief to traders watching liquidation candles rip through the charts.
A Turning Point?
One thing is clear: crypto remains tightly tethered to macro forces. Despite all the talk of financial independence, global politics can still rattle portfolios overnight.
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