The cryptocurrency market shed nearly 5% in 24 hours, with total capitalization dropping to 2.42 trillion as new U.S. tariffs on China rattled global markets, dragging Bitcoin below 76,000 and sending Ether plunging 9%.
Market Rout Deepens Amid Trade War Fears
The crypto market faced a broad selloff on April 9, losing $120 billion in trading volume as investors fled risk assets following the implementation of steep U.S. tariffs on Chinese imports. Bitcoin fell 4.5% to $76,300, while Ether suffered a sharper 9% drop to $1,447.
Bitcoin’s dominance edged up slightly to 62.6%, but traders rushed into downside protection, with put options surging for major altcoins. Analysts linked the slump to fading hopes of a near-term recovery, as escalating trade tensions between Washington and Beijing dampened risk appetite.
Despite the pullback, some remain bullish on crypto’s long-term prospects, pointing to Bitcoin whale accumulation and regulatory shifts under the Trump administration. However, with $400 million in liquidations and short positions dominating, the market mood remains cautious.
As the tariff war intensifies, traders are bracing for more volatility. The crypto market's next move may hinge on whether Bitcoin can maintain its store-of-value narrative amid the gathering macroeconomic storm.