At 10:38 am IST on April 7, the global cryptocurrency market witnessed a sharp sell-off, with major digital assets crashing amid escalating geopolitical tensions and rising global market volatility. The crash appears to be triggered by mounting concerns over former US President Donald Trump’s proposed 25% tariffs on key imports including semiconductors, electric vehicles, and pharmaceutical products, alongside a retaliatory 34% tariff from China on US imports starting April 10.
Leading the downturn, Bitcoin (BTC) tumbled 8.09% to $76,708.01, while Ethereum (ETH) nosedived 14.80% to $1,540.10. Solana (SOL) and XRP were among the biggest losers, dropping 15.21% and 16.16%, respectively. BNB, the native token of Binance, also declined 7.69%, trading at $545.81.
The crypto market sell-off mirrors the broader risk-off sentiment seen across global equity markets, with investors fleeing riskier assets amid rising uncertainty. The Indian markets also mirrored the panic, with Sensex and Nifty down over 3.5% in early trade, and India VIX soaring 52% to 20.97 as of 9:50 am.
Analysts suggest that Trump’s tariff rhetoric and China’s aggressive countermeasures have raised fears of a renewed trade war, unsettling investors and triggering massive liquidations across high-beta assets like cryptocurrencies.
This marks one of the steepest intraday corrections for crypto in recent weeks, reminding traders of the asset class’s vulnerability to geopolitical developments and global macroeconomic shocks.
Disclaimer: The above views are based on market developments and are not those of the author or the publication. Please consult your financial advisor before making any investment decisions.
