The crypto market just got wrecked, down over 9% in a single day. The global crypto market cap is now sitting at $2.43 trillion, and it’s been hammered by a combo of rising interest rates, global Tariff tensions flaring up, and a brutal sell-off in U.S. stocks. Everything’s shaky right now, and honestly, this isn’t just some dip; it’s full-blown panic mode for a lot of investors.
The Fear and Greed Index has plunged all the way down to 17, signaling extreme fear across the board. And it’s not just crypto—stock markets around the world are tumbling, too. For many investors, this Monday didn’t just feel rough; it felt like déjà vu from the 2008 financial crisis.
The chaos was triggered in part by a new wave of tariffs pushed by former U.S. President Donald Trump, who dubbed the announcement on his “Liberation Day.” His economic stance has unnerved markets, with many blaming his speech and trade war tactics for the sudden meltdown. Twitter is already calling it “Black Monday.”
Bitcoin breaks key support, slips under $77K
Bitcoin, the bellwether of the crypto market, slipped below the $77,000 mark, marking a 9.66% drop in just one day. It’s now trading at $75,112—down over 10% from its near $90,000 high just last week. This fall came after BTC lost its crucial $79K–$80K support, a zone it had managed to hold for nearly a month.
According to BTC Markets’ Charlie Sherry, the next key level lies around $72,000, which was last tested before the 2024 elections.
Bitcoin’s trading volume spiked by 266% to $50.26 billion—suggesting massive liquidations and panic selling. Over $1.05 billion in long positions were wiped in a day. Analysts say that if Bitcoin can’t recover soon, it might enter a prolonged bearish phase.
Here are the top 5 losers of the crypto market today:
1. XRP takes the biggest hit, down over 20%
Among the top losers, XRP leads the pack—dropping 20% in 24 hours to $1.67. Despite recent optimism around Ripple’s legal battles, XRP couldn’t dodge the crash. Its market cap is now $97.4 billion, and its 24-hour volume has soared 326% to $9.32 billion.
With support levels crumbling, investors are eyeing the $1.50 mark. A drop below that could deepen the sell-off and erase the last few months of gains.
2. Dogecoin price sinks 20%, memecoin hype fades in panic
Dogecoin just took a sharp 19.46% hit, now trading at $0.1328. Its market cap has slipped to $19.76 billion, while trading volume has jumped nearly 260% to $2.16 billion—clearly, a lot of holders are rushing to sell as the memecoin hype starts to wear off.
Mike McGlone didn’t mince words, comparing DOGE to “1929 risk-asset silliness.” He noted that unless crypto fundamentals improve, speculative coins like Dogecoin might face a harsh reckoning.
3. Ethereum crashes below $1,500; could test $1,000 next
Ethereum was hit even harder, dropping 18.88% in a single day. ETH is now trading at $1,460 with a market cap of $176.2 billion. Its trading volume jumped to $34.64 billion, up a whopping 437%, indicating that large-scale sell-offs are underway.
Mike McGlone from Bloomberg Intelligence warned that Ethereum could be “the canary in the coal mine,” suggesting it might soon retest the $1,000 support level. This marks a dramatic shift for a coin that had once been seen as a safer bet in the altcoin space.
4. HBAR freefalls to $0.12 as panic spreads
Hedera (HBAR) also joined the bloodbath, down 18.53% to $0.1288. Its market cap now sits at $5.44 billion, and its trading volume jumped nearly 230% to $351.92 million. HBAR had been gaining traction due to enterprise partnerships and its unique hashgraph tech, but that momentum has vanished under the weight of market-wide panic.
5. Solana slips below $100 after a strong start to the year
Solana (SOL), which was one of the strongest performers earlier this year, has now dropped by 17.75% in 24 hours. It has dropped support of $100 and is currently trading at $97.88, with a market cap of $50.45 billion. The trading volume is up more than 258%, valuing at $5.77 billion, showing that holders are quickly offloading their bags.
The fall brings Solana back down to where it was months ago, wiping out most of its recent rally.
Over $1.19 billion liquidated as traders get caught off guard
In just 24 hours, more than $1.19 billion was wiped out from the market due to liquidations. Out of that, a staggering $1.05 billion came from long positions alone, showing just how many traders were betting on the market going up—and got caught off guard. Another $145 million came from shorts. The sudden crash flipped market sentiment in a flash, and clearly, a lot of investors weren’t ready for a drop this steep, this fast.
Voices from the market: Peter Schiff, Donald Trump, and the community react
Peter Schiff, a long-time crypto critic, was quick to react. “I warned that a weekend crash could trap ETF investors without liquidity,” he tweeted.
He followed up by saying that Ether is now down 65% from its peak, and Bitcoin has taken out last week’s low—signaling more pain ahead.
Meanwhile, Donald Trump doubled down on tariffs in a Truth Social post, calling them “a beautiful thing to behold.” His timing, however, hasn’t gone unnoticed. While markets collapsed, he was reportedly golfing and dining—prompting outrage online.
Twitter users summed up the mood: “When Donald Trump intentionally crashes the stock market, you don’t call it Black Monday. It’s Orange Monday.” Others noted the historic nature of the crash: “Worst two-day crashes since 1929, 1987, 2008—now add yesterday and today to that list.”
To make things worse, China’s stock market just recorded its worst single-day crash since 2008, putting additional pressure on global investor sentiment.
Where do we go from here?
With over $1.3 trillion wiped from the crypto market since January, investors are scrambling to make sense of what’s next. Analysts say a shift in Trump’s stance or emergency intervention by the Federal Reserve might be the only way to stop the bleeding in the short term. Until then, expect volatility to remain sky-high.
Also Read: Bitcoin, Ethereum, Solana plunge on Monday as Trump Tariff War goes on
