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Bitcoin hovered below the $77,000 level in early Monday trading as the broader crypto market downturn deepened. Losses extended across altcoins, with major ones like Ether, XRP, and Solana suffering double-digit losses ahead of the US stock market opening.

Bitcoin falls, altcoins bleed as Trump’s tariffs hit Asian markets

Bitcoin fell below $75,000 today, its lowest level since November, as crypto markets tumbled amid growing concerns over President Trump’s new global tariff policies impacting Asian markets, CoinGecko data shows.

The crypto market selloff intensified with major altcoins posting severe losses.

Ether dropped 17% to trade under $1,400, levels not seen in March 2023. The sharp price drop forced the liquidation of an Ethereum whale, who suffered losses surpassing $100 million.

XRP declined 16% to $1.7, with its market cap falling to $102 million and losing its position among the top three crypto assets. Solana and Dogecoin each fell 16%, while Cardano dropped 15%.

Binance Coin and TRON showed more resilience, declining 8% and 6% respectively. The total crypto market capitalization decreased by over 10% to $2.5 trillion, representing approximately $100 billion in lost value within 10 hours.

The decline coincided with sharp falls on Asian stock markets. Taiwan’s benchmark index plunged nearly 10%, its largest single-day drop since 1990.

Shares of major Taiwanese companies like TSMC and Foxconn tumbled nearly 10%, triggering automatic trading halts. In response, Taiwan’s Financial Supervisory Commission (FSC) introduced temporary short-selling restrictions in an effort to stabilize the market.

The ripple effect was felt across the region. Japan’s Nikkei index plunged over 8% on April 7, while Hong Kong’s Hang Seng Index sank roughly 12%. China’s CSI 300 Index also dropped sharply, falling 7%.

In South Korea, the Kospi shed more than 5% early in the session, prompting a five-minute circuit breaker. Singapore’s Straits Times Index wasn’t spared either, slipping nearly 8%.

Markets in Australia and New Zealand followed the downtrend. The ASX 200 in Australia dropped 6.3%, and New Zealand’s NZX 50 slid more than 3.5%.

Analyst eyes 70% Bitcoin dominance, remains wary of altcoins

Arthur Hayes, co-founder and former CEO of BitMEX, said Monday he’s been actively purchasing Bitcoin while maintaining a cautious stance on altcoins.

“Been nibbling on $BTC all day, and shall continue,” Hayes said, indicating an ongoing Bitcoin accumulation strategy amid market volatility.

The analyst points to cheaper altcoins but expects Bitcoin’s dominance – its share of the total crypto market cap – to increase towards 70%, implying Bitcoin’s market-leading gains.

“Shitcoins are getting in our strike zone,” he said, “but I think #bitcoin dominance keeps zooming towards 70%. So we are not gorging at the shitcoin supermarket.”

Hayes reiterated that the catalyst for Bitcoin’s growth is the central banks’ continued use of monetary stimulus in response to economic slowdowns.

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A whale saw a massive amount of their Ethereum — 67,570 units worth around $106 million — liquidated on Maker following a sharp price drop exceeding 10% on Sunday evening, which saw ETH fall from above $1,800 to around $1,500, as reported by Lookonchain.

As $ETH plummeted, the 67,570 $ETH($106M) held by this whale on #Maker was liquidated!https://t.co/kXSkKh1H0P pic.twitter.com/IDjzbQ8P3z

— Lookonchain (@lookonchain) April 7, 2025

The crypto market has faced renewed selling pressure after showing resilience on Friday amid US stock market declines. Bearish sentiment fueled by President Trump’s aggressive tariffs sent Bitcoin tumbling below $78,000, according to CoinGecko.

The crypto market decline extended beyond Bitcoin and Ethereum, with the total crypto market cap dropping approximately 8% to $2.6 trillion.

In the last 24 hours, XRP declined 10% to below $1.9, while BNB fell 5% to $562. Solana, Dogecoin, and Cardano each dropped approximately 11%. TRON showed relatively smaller losses at 2%.

As a result of the recent decline, the ETH/BTC trading pair reached 0.021 on April 6, marking its lowest level since March 2020.

In a separate report, Lookonchain revealed that another investor panic-sold 14,014 ETH, worth approximately $22 million, this evening.

As the market plummets, a whale panic-sold 14,014 $ETH($22.14M) in the past 3 hours.https://t.co/2V991wUvzq pic.twitter.com/Du0FQ89ggi

— Lookonchain (@lookonchain) April 7, 2025

Despite the current market turbulence, some whales are viewing the dip as an opportunity to accumulate more ETH.

A whale widely known as “7 Siblings” recently acquired 24,817 for around $42 million, Lookonchain reported, boosting their total holdings to over 1.2 million ETH, which is now valued at approximately $1.9 billion.

Since February 3, this investor has spent almost $230 million to buy 103,543 ETH, currently facing a loss of $64 million on their accumulated coins.

IntoTheBlock reported earlier this week that whales accumulated 130,000 ETH on Thursday when the second-largest crypto asset plunged below $1,800 in the first trading session post-tariff announcement.

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Leading crypto firm Coinbase is seeking regulatory greenlight to offer the XRP futures contract — a move that would expand its offerings in the derivatives market.

Coinbase Derivatives announced Thursday it had submitted documentation to the CFTC to self-certify futures for XRP. The contract is expected to launch on April 21.

We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.

We anticipate the contract going live on April 21, 2025.

Stay tuned… pic.twitter.com/nKUPjjnMKW

— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025

The self-certification process allows Coinbase to assert regulatory compliance for futures contracts, streamlining their introduction unless the CFTC raises objections.

The move follows Coinbase’s recent launch of Solana (SOL) and Hedera (HBAR) futures contracts, part of its strategy to provide traders access to both crypto and traditional futures trading on a regulated platform.

The exchange is also awaiting CFTC approval for Cardano (ADA) and Natural Gas (NGS) futures contracts, planned for launch by month’s end.

XRP traded above $2 at press time with minimal price fluctuation in the last 24 hours, per TradingView.

The digital asset is recognized for its role in fast, low-cost cross-border payments. The proposed futures contract would enable traders to gain exposure to XRP’s price movements without holding the underlying asset.

XRP has long been the target of the SEC’s scrutiny. The regulator initiated a lawsuit against Ripple Labs, the token’s developer, in 2020, alleging XRP’s status as an unregistered security.

Four years from the start of the legal battle, last month, Ripple CEO Brad Garlinghouse announced the SEC’s withdrawal of its appeal against the company.

As part of the settlement, Ripple agreed to pay a reduced fine of $50 million, down from the original $125 million penalty. The blockchain firm also withdrew its cross-appeal, finalizing the resolution pending legal formalities.

Experts believe this outcome could lead to the approval of a spot XRP ETF in the US. Several fund managers have filed with the SEC for their respective XRP ETFs, including Bitwise, Canary Capital, 21Shares, WisdomTree, CoinShares, Grayscale, and Franklin Templeton.

ProShares and Volatility Shares are also seeking approval for their XRP-related investment products.

ETF Store President Nate Geraci expects that the case resolution may encourage financial giants such as BlackRock and Fidelity to explore the development of XRP ETFs.

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Bitcoin fell 5% to $82,200 on Thursday amid a broad market selloff triggered by President Donald Trump’s announcement of new global tariffs, according to CoinGecko data.

Trump announced on Wednesday a sweeping set of tariffs in response to what he described as a national emergency caused by large and persistent US trade deficits.

The executive order imposes a minimum 10% tariff on all imported goods from every country, set to take effect on April 5. For nations with which the US has significant trade deficits, higher tariffs will apply starting April 9.

China will face a 34% tariff, the European Union 20%, Taiwan 32%, South Korea 25%, and Israel 17%.

These tariffs are part of the administration’s strategy to promote US economic interests and reduce dependence on foreign goods.

Uncertainty regarding US trade tariffs and recession risks has shaken the market, prompting investors to divest from risky investments like crypto and stocks.

Apart from Bitcoin, major altcoins also suffered sharp losses, with Ethereum down 6%, XRP falling nearly 8%, Dogecoin and Cardano dropping over 9%, and Solana sliding into double-digit losses.

Binance Coin fared slightly better, dipping just 3%.

Smaller altcoins took an even harder hit, with Hyperliquid, Pi Network, Ethena, Pepe, Bonk, Celestia, and Official Trump all posting double-digit declines.

As a result, the total crypto market cap tumbled 6.5% to $2.7 trillion, as investors grappled with heightened uncertainty.

Wall Street wipeout: Over $2 trillion erased

The broader US stock market saw more than $2 trillion in value erased following Thursday’s opening, with technology companies bearing the brunt of the selloff, according to Yahoo Finance data.

The S&P 500 fell 4%, the Nasdaq tumbled 5%, and the Dow Jones Industrial Average declined 3%.

The tech-heavy Nasdaq Composite has now fallen 13% year-to-date, marking its worst performance since 2022.

Apple and Amazon led the tech stock sell-off, with each tumbling nearly 9%. Apple is on track for its worst single-day performance since 2020, weighed down by its Asian manufacturing.

Meta and Nvidia fell over 7%, while Tesla slid more than 5%. Microsoft and Alphabet saw mild declines, around 2%. Nvidia, with its Taiwan chip production and Mexico assembly, was especially vulnerable to trade policy news.

Semiconductor stocks were also hit by the downturn, as Marvell Technology, Arm Holdings, and Micron Technology each saw losses exceeding 8%. Broadcom and Lam Research fell 6%, and Advanced Micro Devices declined by over 4%.

According to Maksym Sakharov, co-founder of WeFi, Trump’s tariffs are more of a negotiation tactic than a long-term policy, suggesting that “their effect on businesses and consumers will remain manageable.”

Beyond trade tensions, inflationary pressures pose another risk, potentially disrupting the Fed’s rate-cut outlook, Sakharov added.

“Besides that, an impending fiscal debate in Washington over the federal budget is also causing jitters in the market,” said the analyst. “Resolving the debt ceiling remains a pressing issue, as the Treasury currently relies upon “extraordinary measures” to meet US financial obligations. The exact timeline for when these measures will be exhausted is unclear, but analysts anticipate they may run out after the first quarter.”

According to BitMEX co-founder Arthur Hayes, Trump’s tariffs will reduce the amount of US dollars held by foreign nations, which, in turn, will decrease their ability and willingness to purchase US Treasury bonds.

To counteract the decreased foreign demand and maintain a functioning Treasury market, Hayes predicts the Fed will have to intervene. The analyst suggests that the central bank will be back to printing money, which will be beneficial to Bitcoin’s prices.

Trump’s tariff formula is further evidence he is laser focused on reversing these imbalances. The problem for treasuries is that without $ exports foreigners can’t buy bonds. The Fed and banking system must step up to ensure a well functioning treasury mrkt, which means Brrrr. pic.twitter.com/doGPAaRfAl

— Arthur Hayes (@CryptoHayes) April 3, 2025

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Dubai, UAE, April 3rd, 2025, Chainwire

Gold prices have shattered previous records, exceeding $3,100 per ounce, reinforcing their position as a vital safe-haven asset in an increasingly volatile global landscape. Bybit, the world’s second-largest cryptocurrency exchange by trading volume, recognizes this critical market dynamic and reaffirms its commitment to providing the cryptocurrency community with seamless access to diverse financial opportunities. As the first crypto exchange to facilitate gold trading with USDT, Bybit empowers traders to capitalize on these exceptional market movements.

Shunyet Jan, Head of Derivatives and Institutions at Bybit, forecasts continued bullish momentum for gold, citing several key factors:

 Strategic Central Bank Accumulation:

• Asian central banks are actively diversifying their reserves, significantly increasing gold holdings while reducing reliance on the US dollar. This strategic shift creates sustained demand and exerts upward pressure on gold prices. Many nations are driven by the desire to reduce dependency on the US dollar, and to have more diversified reserve assets.

Persistent Geopolitical Instability:

• The anticipated implementation of new tariffs under the Trump administration introduces significant geopolitical uncertainty. These tensions, coupled with existing global conflicts, are expected to persist, driving investors towards the stability of gold.
• The uncertainty surrounding the global trade situation will cause market volatility, which in turn will increase the demand for safe haven assets.

Gold as a Reliable Inflation Hedge:

• Gold’s established role as an inflation hedge remains crucial, particularly as concerns about rising prices intensify. Unlike cryptocurrencies like Bitcoin, which have demonstrated increased correlation with broader market trends, gold maintains its inverse relationship with inflationary pressures.
• Because of the possibility of rising inflation caused by the new tariffs, and other worldwide economic factors, investors are moving to gold to protect their assets.

Bybit’s proactive approach to market trends led to the introduction of Gold & FX Trading in August 2024, followed by the launch of Copy Trading for Gold & FX in January 2025. These initiatives have democratized access to traditional financial markets, catering to traders of all experience levels. Highlighting the platform’s popularity, Bybit saw a remarkable $10 billion in gold trading volume yesterday alone.

Additionally, Bybit will launch XAUTUSDT perpetual contracts today, providing traders with even more opportunities to engage with gold markets in a crypto-native environment.

“Bybit’s strategic integration of Gold & FX trading, combined with our innovative Copy Trading, demonstrates our commitment to empowering traders with diverse and accessible opportunities,” added Shunyet Jan.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: [email protected]

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | YouTube

Contact

Head of PR
Tony Au
Bybit
[email protected]

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President Donald Trump announced today a sweeping new tariff policy that will impose a minimum 10% levy on nearly all goods entering the United States, effective April 5.

The policy excludes Canada and Mexico, with both countries exempt from the 10% baseline tariff and reciprocal levies for now.

However, non-compliant goods from those nations will continue to face a 25% tariff, originally imposed on the grounds that they were failing to curb the flow of drugs and crime into the United States. The 10% tariff would only apply if the current 25% duties on Canadian and Mexican imports are lifted or suspended.

In addition to the general import levies, the plan also imposes a separate 25% tariff on all foreign-made automobiles, which takes effect at midnight ET.

Building on that, the administration is also implementing “reciprocal” tariffs on approximately 60 nations, calculated at half their current total trade barriers on US exports.

Among the major US trade partners impacted, China will face a 34% tariff, the EU 20%, Vietnam 46%, Japan 24%, India 26%, Taiwan 32%, Indonesia 32%, and Brazil 10%. These country-specific rates take effect April 9.

“This is not full reciprocal. This is kind reciprocal,” Trump said.

Trump declared a national emergency linked to the US trade deficit, which exceeded $918 billion in 2024, invoking the International Emergency Economic Powers Act to authorize the measures.

“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said from the White House Rose Garden. “I blame former presidents and past leaders who weren’t doing their job. They let it happen — to an extent that nobody can even believe,” he added.

The administration projects that the tariffs will generate hundreds of billions in new revenue and boost domestic industry.

Trump said the plan aims to open foreign markets, dismantle trade barriers, and increase production at home, which he believes will lead to stronger competition and lower prices for consumers.

Markets reacted swiftly to the announcement: Bitcoin briefly surged to $88,000 before settling at $84,500, the 10-year US Treasury yield declined, and futures tied to major US indexes fell sharply.

S&P 500 futures dropped 1.9%, while Nasdaq 100 futures slid 2.7% as investors absorbed the full scope of Trump’s sweeping trade action.

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Bhutan’s government transferred $32 million worth of Bitcoin to a new wallet today, its second crypto movement in two weeks, according to data from Arkham Intelligence.

The transfer follows last week’s movement of $63 million in Bitcoin to three separate wallets. Druk Holdings, the government’s investment arm, maintains holdings of approximately 8,594 Bitcoin, valued at $729 million at current prices.

Druk Holdings’ portfolio extends beyond Bitcoin to include Ether, LinqAI, Phil, and Apu Apustaja tokens.

While crypto is not legal tender in Bhutan, the country has been mining Bitcoin using hydroelectric resources since 2019, building crypto wealth equivalent to 30.7% of its GDP.

In January, Bhutan’s newly established Gelephu Mindfulness City Special Administration Region announced plans to include Bitcoin, Ether, and BNB in its strategic reserves. The initiative, announced under the Application of Laws Act 2024, aims to enhance the region’s digital asset ecosystem within a regulated framework.

Crypto markets brace for volatility ahead of Trump’s tariff announcement

The Bitcoin transfer comes as markets prepare for potential volatility ahead of President Donald Trump’s “Liberation Day” tariff announcement. The White House confirmed the tariffs will take effect immediately upon announcement.

Agne Linge, Head of Growth at WeFi, cautioned that the growing link between digital and traditional markets amplifies crypto’s vulnerability to macroeconomic changes, especially when investors become risk-averse.

“The recent downturn in the S&P 500, hitting a new low, serves as a strong signal that global markets are facing heightened uncertainty, which in turn is putting pressure on risk assets, including cryptocurrencies,” Linge noted in a statement.

According to Linge, economic volatility indicators have surged past historical benchmarks, surpassing peaks from both the 2008 financial crisis and the early 2020 pandemic.

“This surge in uncertainty highlights the growing concern about the stability of the global economy, particularly as inflationary pressures remain persistent,” Linge added.

Trump’s tariffs are expected to fuel inflation, which could lead to higher interest rates. This environment might initially be unfavorable for Bitcoin, as investors seek safe assets.

Bitcoin was trading above $84,000 at press time, per CoinGecko.

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