Crypto Market News: Bitcoin Breaks Down as $900M Vanishes in Hours

The crypto market just witnessed one of its bloodiest days of 2025 — and it came out of nowhere. As global investors prepared for what many believed would be another bullish week, a single announcement from President Trump flipped the switch. His sweeping new global tariffs triggered an immediate chain reaction, pulling Bitcoin and major altcoins into freefall and wiping out over $900 million in liquidations within a matter of hours.

This wasn’t just another dip. This was a market jolt that erased billions in value — fast.

It all started when Trump unveiled a wave of new tariffs aimed at reining in global trade imbalances. The response from China? Equally aggressive. Beijing announced a 34% blanket duty on all U.S. imports starting April 10. The escalating trade war sent shockwaves across the financial landscape, and crypto was no exception.

Bitcoin, which just days earlier was flirting with safe haven status, plunged over 10% — falling below $78,000 despite recent bullish momentum and a growing belief that it had decoupled from traditional markets like the S&P 500.

Bitcoin in Crisis Mode: $322 Million Liquidated

The numbers tell the story. Bitcoin is now down nearly 7% in the past 24 hours, hovering at a key support zone of $77,500. Trading volumes have surged over 220%, hitting $44 billion — a clear sign of panic selling and leveraged liquidations.

According to Coinglass, BTC alone saw $322 million in liquidations, as leveraged long positions were wiped out with brutal speed. And analysts warn: if Bitcoin decisively breaks below $77,500, the next support levels may be much lower — possibly in the $72,000–$74,000 range.

Altcoins Wiped Out: ETH, XRP, SOL, DOGE in the Red

While Bitcoin’s drop was steep, altcoins were decimated.

• Ethereum (ETH) crashed 13.5%, now sitting at $1,550 — its lowest level this year, and over 53% down from recent highs. Bears are targeting $1,100–$1,300 as the next stop.
  
• XRP nosedived 14.5%, now under $0.70 and rapidly approaching long-term support at $0.65.
  
• Solana (SOL) slipped 14% to $102, while Dogecoin (DOGE) fell a staggering 16% to $0.143.
  

It’s a red sea, and no major altcoin was spared.

Is Bitcoin Still “Digital Gold”?

With all the carnage, the bigger question is resurfacing: Is Bitcoin truly a safe haven?

Bitwise CEO Hunter Horsley believes it still is — maybe now more than ever. As global trust erodes and cross-border commerce becomes increasingly difficult, Horsley argues that Bitcoin’s neutral, decentralized, and borderless nature gives it a unique edge in today’s chaotic world.

“It’s in moments like this,” he said, “that Bitcoin’s real value is revealed. When no one trusts anyone, you trust the code.”

But for short-term traders, that long-term vision provides little comfort. The market is bleeding, leverage is being flushed out, and volatility is back in full force.

The Bottom Line: A Turning Point?

The message from today’s chaos is clear: crypto is still deeply tied to macro events. No matter how far we’ve come in building independent financial ecosystems, global politics can still crash the party — and the portfolios.

As we head deeper into April, traders and investors alike will be watching one key question:

Is this just a brutal correction — or the beginning of something much bigger?