Bitcoin and other cryptocurrencies have fallen sharply, wiping out an estimated $1.3 trillion in market value.
The leading digital currency fell below $77,000 over the weekend, marking a drop of more than 10% from its record high of nearly $90,000 reached last week.
Other major cryptocurrencies, including Ethereum, XRP, Solana, and Dogecoin, have experienced even steeper losses, with declines of around 15% over the period of 24 hours.
The decline is largely attributed to investor concerns over President Donald Trump’s announcement of sweeping global tariffs, which stoked fears of a global recession.
It follows increased volatility in global markets, triggered by the announcement of the so-called “Liberation Day” tariffs.
Comparisons have been made to the 1987 “Black Monday” crash as traders' concerns over Trump’s tariffs and their impact on the global economy grow.
The market crash on October 19th more than three decades ago saw the Dow Jones Industrial Average plummet 22.6% in a single day, the largest one-day percentage drop in its history.
CNBC host and market commentator Jim Cramer warned that America should brace for another Black Monday today if President Trump does not scale back his tariff plan.
Posting on social media platform X, Cramer said he saw nothing that could take the 1987 scenario “off the table.”
In a later post, he said that the “lack of significant reassurance that there was a plan here to deal with the seizing up of commerce is not good and keep the downside squarely on the table.”
I think the lack of significant reassurance that there was a plan here to deal with the seizing up of commerce is not good and keep the downside squarely on the table
undefined Jim Cramer (@jimcramer) April 7, 2025
While initially sceptical, suggesting that the Bitcoin fall was a “fakeout,” trader Cas Abbé said on Sunday that “it feels like the crypto crash is back” and that “global markets have entered the max panic mode.”
Global markets have entered max panic mode.
undefined Cas Abbé (@cas_abbe) April 7, 2025
Gold is crashing.
DXY is going down.
Stocks are crashing.
Oil prices are going down.
And, crypto is crashing.
This feels like March 2020 when everything was going down only.
I think we could see the FED emergency meeting this…
Others were more optimistic, with Bitcoin pioneer Max Keiser arguing that a “1987-style mega crash will push Bitcoin to $220,000 this month,” describing the cryptocurrency as a “safe haven.”
Jim’s loss is Bitcoin’s gain.
undefined Max Keiser (@maxkeiser) April 5, 2025
A 1987 style mega crash will push Bitcoin to $220,000 this month as trillions in wealth seek the ultimate safe haven: Bitcoin.
pic.twitter.com/GGOGEMuvPF
Social media was abuzz with speculation early Monday morning, with terms like “crypto crash,” “Black Monday,” “market crash,” and “Trump tariffs" trending.
#CryptoMarket today be like#CoinPedia #CryptoCrash #Blockchain #Crypto #Bitcoin #Ethereum pic.twitter.com/I2sxzgBpnV
undefined Coinpedia (@CoinpediaNews) April 7, 2025
While many observers decried the “bloodbath,” some social media commenters expressed schadenfreude at seeing “billionaires” and crypto influencers lose millions in real time.
President Trump has defended his tariff policy, saying “sometimes you have to take medicine to fix something,” when he was speaking to reporters on Sunday.
The same day, he posted on his social media platform, Truth Social, that the only way financial deficits with China, the EU, and other trading partners can be “cured” with tariffs.
“They are already in effect, and a beautiful thing to behold,” he said.
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