Bitcoin, Ethereum, XRP, Solana, DOGE Price Plunge as US President Donald Trump's Global Tariff War Hits Cryptocurrencies

Cryptocurrencies were hit by US President Donald Trump's global tariff war, with several tokens falling in value significantly on Monday, April 7. Bitcoin, the largest cryptocurrency

US President Donald Trump's global tariff war has hit cryptocurrencies hard, with several tokens falling in value significantly on Monday, April 7.

Bitcoin, the largest cryptocurrency in terms of market value, fell by 7.67%, reaching $76,947.87.

This fall came as the ongoing tariff war reduced investors' appetite for higher-risk assets such as crypto.

The world's largest cryptocurrency had hit a new all-time high on Friday, April 5, crossing the $80,000 mark.

However, on Monday, it slid below the key $80,000 level as the market reacted to the US president's decision to impose tariffs on solar panels and seafood imports from Vietnam.

The move sparked fears of a repeat of the ‘Black Monday’ stock market crash in 1987, where the Dow Jones Industrial Average fell by a record 22.6 percent.

And in a single day, the S&P 500 Index also plunged by 15.8 percent, its biggest loss since the 1930s.

Meanwhile, Ethereum fell by 14.54%, hitting $1,545.19, XRP fell by 17.02%, hitting $1.76, Solana dropped by 15.02%, hitting $101.79, and DOGE was down by 15.56%, reaching $0.1412.

"As futures on Wall Street dipped and ‘Black Monday’ repeat fears emerged, the coupling between traditional markets and crypto holdings becomes more visible," said Avinash Shekhar, Co-Founder & CEO of Pi42, in a Mint report.

"The sudden plunge of Bitcoin below the $80,000 threshold and overall crypto market selloff that erased more than $160 billion in value a pivotal point fueled by macroeconomic uncertainty and investor wariness."

Overall, the global crypto market's capitalisation is now, $2.5 trillion, which is a 6.59 percent decrease over the past 24 hours, according to CoinMarketCap data.

The crypto market mirrored trends seen in the stock market. In the US, stocks slid during the previous close, with the tech-heavy Nasdaq Composite Index falling by 962.82 points or 5.82 per cent, reaching 15,587.79.

The Nasdaq US 500 Large Cap Index was also down by 170.18 or 6.06 per cent, reaching 2,638.28, and the Nasdaq-100 Index was down by 1,123.78 points or 6.07 per cent, reaching 17,397.70.

In India, the market collapsed as the trading session began on Monday. At 11:45 am, the Sensex fell by a staggering 2,661.62 points or 3.53 per cent, reaching 72,703.07. The Nifty meanwhile was down by 887.25 points or 3.87 per cent in the red, reaching 22,017.20.