Current Bitcoin Price: On April 7, cryptocurrencies were notably affected by the global tariff dispute initiated by U.S. President Donald Trump, resulting in a significant market downturn as Asia opened, according to Bloomberg.
Data from Coinglass indicates that approximately $745 million in bullish crypto positions were liquidated in the last 24 hours, marking the highest level of selling in nearly six weeks.
This sharp decline reflects a distinct “risk-off sentiment across markets,” the report noted. Importantly, Bitcoin, the leading cryptocurrency, fell by 7 percent to $77,077 upon the Singapore market’s opening on April 7. Ethereum, the second largest crypto, dropped to its lowest intra-day value since October 2023 at $1,538.
Global Crypto Markets Experience 6.59% Decline Amid Trump Tariffs
The total market capitalization of global cryptocurrencies on April 7 stands at $2.5 trillion, reflecting a 6.59 percent decline over the last day, according to CoinMarketCap data. Overall, the total trading volume in the crypto market during this period reached $101.84 billion, an increase of 137.91 percent.
Additionally, the current total volume in decentralized finance (DeFi) is approximately $6.02 billion, accounting for 5.91 percent of the entire crypto market’s 24-hour volume. The volume of all stablecoins has reached $95.57 billion, representing 93.84 percent of the total crypto market’s 24-hour volume.
As of April 7, Bitcoin’s dominance in the crypto market is measured at 62.52 percent, marking an increase of 0.57 percent throughout the day.
Current Bitcoin Price: Approaching $78,000 Levels, Ether, Solana, and Tether Also Decline
As of 7 a.m. on April 7, Bitcoin has slightly rebounded from its opening levels, hovering around $78,938, which is still a decrease of 5.69 percent over the last 24 hours. Bitcoin’s market capitalization is reported at $1.56 trillion, with trading volume recorded at $40.97 billion, according to CoinMarketCap.
In the meantime, Ethereum is valued at $1,590.06, reflecting a decline of 12.10 percent from the previous day, with a market capitalization of $191.88 billion and trading volumes of $24.77 billion.
On April 7, Solana is priced at $106.53, down 11.44 percent over the last 24 hours, with a market capitalization of $54.91 billion and trading volume of $4.25 billion.
Tether is currently valued at 0.9994, boasting a market cap of $144.18 billion and a trading volume of $82.48 billion—significantly higher than Bitcoin’s. As a stablecoin pegged to the U.S. Dollar, Tether is widely utilized for trading other cryptocurrencies, resulting in its leading trading volume.
Insights from Experts on the Crypto Market Decline
Sean McNulty, the head of APAC derivatives at digital asset prime brokerage FalconX, informed Bloomberg that the options markets suggest ongoing selling pressure, as the skew for puts has significantly increased.
“The critical support levels for Bitcoin and Ether are set at $75,000 and $1,500, respectively,” he noted.
“The macroeconomic environment is driving current actions. The pullback caused by tariffs seems specific and is not indicative of broader economic issues. Just as these uncertainties were artificially induced, they can be resolved similarly once the Trump administration feels it has secured concessions from other nations,” commented Cosmo Jiang, general partner at Pantera Capital, in the publication.
(With contributions from Bloomberg)
