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Investors responded to the escalating tensions in US-China trading relations by lowering bitcoin prices below $75,000. This was their lowest level since March. CoinMarketCap revealed that the digital currency lost about 6% over 24 hours as part of an overall sell-off in both traditional and crypto markets.
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US-China Trade War Triggers market Panic
This sharp fall in Chinese exports comes following the recent tariff increases and countermeasures by Beijing, imposed by US President Donald Trump. Trade tensions have sent shockwaves through world markets, Wall Street has suffered its biggest fall since COVID-19. On Friday, April 4, the S&P 500 dropped 6%, the Dow Jones Industrial Average fell 5.5%, and the tech-heavy Nasdaq Composite fell 5.8%.
Charles Gasparino, a market commentator on Twitter, warned that “Monday is shaping up to be the ultimate pain day,” Investors should be prepared for more selling pressure when markets open in the coming week. Bitcoin’s price is now trading at $74,000-$75,000, a significant drop from the levels of last week.
A major analyst has just informed me about a new market trend “Monday is shaping up to be the ultimate pain day.” Another: “Some really nice buys out there particularly in financials.” They say that disagreement is the basis of a successful market. The development of the story
— Charles Gasparino (@CGasparino) April 6, 2025
Ethereum and Altcoins hit harder than Bitcoin
As Bitcoin lost heavily, other cryptocurrencies plunged even deeper. Ethereum, which is the second-largest cryptocurrency, by market cap, lost 13% – more than double the percentage drop of Bitcoin. SOL and DOGE, two well-known alternative coins, also fell heavily. Both lost over 10% in just one day. ADA fell by 10.40% while XRP, BNB, and BNB all lost 7% or 6%.
The global crypto market is valued at 2,62 trillion dollars, as most of the leading coins are struggling to maintain their value. Even with the price decline, Bitcoin’s 24-hour trading volume jumped to $26 billion – an 80% rise over the past 24 hours – indicating strong levels of market activity during the sell-off.
Investors Look to Government Crypto Reserves for Potential Relief
The chaos of the market may actually have some silver linings. Edul Patel is the CEO at Mudrex and cofounder. He says that US government agencies are going to disclose their crypto-assets today. “A huge confirmation could lead to a relief rally,” Patel stated.
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Fear and Greed Index continues to show signs of weakness, with experts predicting that the index will reach a level termed “Fear and Greed”. “Extreme Fear.” This indicates that recent trends in the stock market have been influenced by panicked buying rather than sound investment choices.
Market observers report that Bitcoin is now facing a critical technical test. “Bitcoin must retake the $80,000 level or it will retest its prior all-time high around $74,000,” Patel continued. The previous high was a major milestone that had been hailed by traders. Now, it is a potential support level where they hope to stop any further price decreases.
Chart by TradingView. Image from Gemini Imagen.
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Source: www.newsbtc.com
