Crypto News: Crypto Market Crash Deepens as XRP, SOL, DOGE Plunge 20%; Traders Brace for More Losses Ahead of U.S. Market Open

Bitcoin drops below $75K while XRP, Solana, and Dogecoin breach critical support levels amid global economic turmoil.April 7, 2025 — The cryptocurrency market entered freefall early Monday, with Bitcoin (BTC) dipping below the key $75,000 level and major altcoins like XRP, Solana (SOL), and Dogecoin (DOGE) collapsing by over 20% in 24 hours.Driven by mounting macroeconomic concerns, nearly $1 billion in liquidations, and escalating global trade tensions, the sell-off is intensifying as markets await the U.S. stock market open.According to CoinDesk data, the CoinDesk 20 (CD20) index slumped 12%, reflecting a widespread risk-off sentiment sweeping across the digital asset landscape.Altcoins Breach Key Support LevelsXRP fell to $1.70, breaking below its 200-day moving average, signaling a potential drop toward $1.50, according to technical analysts.SOL plunged under $100, marking a 64% correction from its all-time high, and breaching its 50-day moving average.DOGE crashed to $0.13, wiping out weeks of gains, as momentum traders offloaded positions amid rising volatility.Tariff Tensions and Global Uncertainty Trigger PanicThe panic was exacerbated by President Trump’s 25% tariffs on goods from Canada and Mexico, along with a doubled 20% tariff on Chinese imports. In response, China is considering front-loaded stimulus measures, further rattling investor confidence.The market turmoil has sparked a flight to safety, with investors rotating into gold and the Japanese yen, traditionally viewed as safe-haven assets.“We expect crypto markets to dip once U.S. markets open,” said Jeff Mei, COO at BTSE. “Asia’s decline reinforced that belief. Only coordinated tariff deals or relief from major players like China or Japan could restore confidence.”Traders See Extended Bear Market ConditionsAnalysts warn that current conditions echo a broader bear market, with rallies seen as opportunities to exit risk rather than accumulate.“This is classic bear market behavior,” said Augustine Fan, Head of Insights at SignalPlus. “Investors are adjusting to a new economic reality. Unless catalysts emerge, we expect more downside pressure and shaken confidence ahead.”Despite the carnage, some analysts suggest Bitcoin’s relative strength compared to equities and a possible future rally alongside gold may signal a long-term decoupling from traditional risk assets. However, in the short term, downside risks remain dominant, according to CoinDesk.