Crypto Market Update: BTC Tanks to $77K, Altcoins in Freefall

Global financial markets opened the week under pressure after an extended selloff in Asian equities. The downturn has spread to digital assets, triggering a steep correction across major cryptocurrencies. 

Meanwhile, the price of Bitcoin (BTC) dropped below $75,125 on Monday, losing over 9% in 24 hours. Other digital assets followed, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) experiencing losses of 12% or more.

The sharp drop comes in response to renewed global trade tensions following a policy announcement by the Trump administration. The administration imposed a 10% flat tariff rate, with higher levies aimed at China, Japan, and the European Union. Traditional markets reacted sharply, and crypto traders responded with heavy selling.

Bitcoin Breaks Support Level as Trading Volume Surges

Bitcoin traded below its previous support of $77,500, marking a 9.8% intraday drop to $74,887, based on Coingecko data. This move came alongside a dramatic increase in trading activity. Daily volume surged by over 220% to reach $44 billion. According to data from Coinglass, $322 million worth of Bitcoin positions were liquidated in the past 24 hours.

Technical analysts have pinpointed the $77,500 mark as a key support level for Bitcoin. Should the price remain below this threshold, some believe it could signal a deeper pullback. 

Consequently, economist Peter Schiff weighed in on the situation via X, remarking, “Bitcoin just dipped under $81K, breaking last week’s low. It might be a rough day for investors stuck in Bitcoin ETFs.” His comments have reignited skepticism around Bitcoin’s reliability as a long-term store of value.

Meanwhile, the broader decline in equity markets has left traders weighing whether Bitcoin still behaves as a hedge during market uncertainty.

Gold Gains While Crypto Retreats

Gold and silver moved in the opposite direction, with gold rising by $80 and silver extending its upward trend. The shift toward traditional safe-haven assets has reignited debate on how Bitcoin compares to gold in times of global financial stress.

Hunter Horsley, CEO of Bitwise Investments, suggested Bitcoin’s long-term value could increase amid global distrust. He said, “A global, digital, apolitical store of value — controlled by no nation — looks increasingly differentiated.” While the price is down, some long-term investors are monitoring Bitcoin closely for potential future strength.

Altcoins See Steeper Losses as Support Levels Collapse

Ethereum dropped to $1,550 after falling over 13% in a day. ETH is now down more than 50% in 2025. On-chain data from Spot On Chain shows some large holders have continued buying during the dip, but others remain cautious.

XRP also saw steep losses, falling below $2 to trade near $1.70, a nearly 19% decline in 24 hours. Solana lost 14%, reaching $102, while Dogecoin dropped 16% to $0.143. Analysts have expressed concerns over whether XRP may revisit the $0.65 level if current trends continue.

With nearly $1 billion in liquidations across the market, traders remain on edge while watching for signs of stabilization.