The value of bitcoin has dropped under $77,000 per coin, wiping out over $1.3 trillion from its combined crypto market since January. The sudden price correction has traders worried that it could escalate into a full-blown market crash.
Major coins like ethereum, XRP, solana, and dogecoin have also fallen sharply, with some experiencing 15% declines in the last 24 hours. Experts say bitcoin’s recent drop marks the loss of its key support level at $79,000 to $80,000, which had held for a month.
Charlie Sherry, head of finance and crypto analyst at BTC Markets, notes that if bitcoin movements on Sundays are a predictor of Monday’s stock market performance, it could be a bad day ahead. However, Sherry also suggests that a shift in President Trump’s stance or an emergency intervention by the Federal Reserve could help the bitcoin price recover.
The Federal Reserve is expected to cut interest rates to prevent a US recession, which could flood the market with dollars and boost the value of cryptocurrencies like bitcoin.
Source: https://www.forbes.com/sites/digital-assets/2025/04/07/crash-fear-as-sudden-13-trillion-crypto-price-meltdown-hits-bitcoin-ethereum-xrp-solana-and-dogecoin