Cryptocurrency markets plunged sharply early Monday, wiping billions from the total market capitalization

Bitcoin (BTC) dropped 9.65% to $75,000, but Ethereum (ETH) suffered a steeper fall, crashing 18.57% to around $1,465.

Major cryptocurrency markets plunged sharply early Monday, wiping billions from the total market capitalization as bitcoin (BTC) and major altcoins saw triple-digit percentage drops.

Bitcoin dropped 9.65% to $75,000, but ethereum (ETH) suffered a steeper fall, crashing 18.57% to around $1,465.

Why Is the Crypto Market Crashing Hard Monday?

The crash is a direct reaction to renewed recession fears following President Trump’s aggressive global tariff strategy.

As new levies took effect over the weekend (including rates up to 54% for China) and more loom (Apr 9), panic selling hit risk assets globally.

While crypto initially seemed insulated from last week’s $6.5 trillion stock market plunge, that decoupling dissolved during intense selling Sunday night into Monday morning.

How Badly Are ETH, SOL, XRP, ADA, BNB Hit?

The altcoin space saw brutal losses:

• ethereum 2x1x,

• sol down 13x1x,

• xrp down 11x1x,

• cardano down 15x1x, and

Adding to the pressure, the ETH/BTC ratio fell to 0.02089, a near five-year low, confirmed by journalist Colin Wu, highlighting ETH’s severe underperformance.

According to Binance market data, BTC has fallen below 81,000 USDT and is now trading at 80,746.25 USDT, showing a 2.18% decrease in the past 24 hours. ETH has dropped below 1,700 USDT, currently trading at 1,686.01 USDT, with a 24-hour decrease of 4.17%. The ETH/BTC ratio has fallen to…

Related: Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

Are Whale Liquidations Fueling the Sell-Off?

Cascading liquidations appear to be amplifying the downturn. Lookonchain reported over 500,000 ETH moved by whales. One major ETH holder faces potential liquidation of 53,074 ETH (~$77 million) on MakerDAO after already losing $19.58 million in prior events.

As $ETH drops below $1,500, the whale is about to be liquidated for 53,074 $ETH($77M)!If this whale does not increase collateral or repay debt, he will be liquidated for 53,074 $ETH($77M) in 40 minutes.https://t.co/OsRc23ptV8 pic.twitter.com/1NLaByIEHX

Another whale scrambled to avoid liquidation on a $340 million ETH position by repaying DAI and adding collateral, lowering their liquidation price to $1,119 – a level that, if hit, could trigger more waves.

BTC whales also showed signs of panic, with over 2,700 BTC (~$213 million) deposited to Binance. One whale reportedly exited at a $2.53 million loss after misjudging the bottom.

Coinglass data indicated nearly $758 million in bullish leveraged positions liquidated market-wide in the last 24 hours.

How Oversold Is the Market Now?

The crypto total market cap chart plunged below prior support zones, reaching $2.34 trillion according to one 4-hour chart analysis. The Relative Strength Index (RSI) on that timeframe crashed to 17.84, deep into oversold territory (<20).

Related: Crypto Funding Rates Indicate Indecision: BTC, ETH Show No Strong Bias

While such levels often precede relief bounces, extreme fear and ongoing liquidations mean caution is critical. Fibonacci analysis suggests potential further downside toward the $2.2 trillion or even $2 trillion total market cap levels if current supports fail.

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