Bitcoin and other prominent cryptocurrencies faced significant declines as global financial markets reacted to heightened trade tensions.
The price of Bitcoin fell below $75,000, and altcoins, including Solana (SOL), Ripple (XRP), and Dogecoin (DOGE), each experienced a decline of approximately 20% over the past 24 hours.
This abrupt downward movement has breached critical technical support levels, prompting concerns about potential continued losses in the near future.
XRP Drops Below 200-Day Moving Average, Indicating Bearish Signals
XRP has dropped beneath its 200-day moving average, trading around $1.70—a level that traders monitor closely for indicators of market momentum.
In addition, SOL fell below the $100 mark, surpassing its 50-day moving average and reflecting a 64% decline from its peak value.
Meme currency DOGE also took a hit, dropping to $0.13. Analysts link the sharp sell-off to increasing macroeconomic uncertainties, forced liquidations, and escalating investor apprehension due to the aggressive trade policies of the Trump administration.
Recently, President Donald Trump announced an extensive tariff initiative comprising a 25% tax on vehicle imports, a minimum 10% tariff on all imports, and “reciprocal tariffs” for nations imposing tariffs on U.S. goods.
These actions have unsettled the markets, prompting a retreat from riskier investments like cryptocurrencies in favor of safer assets such as gold and the Japanese yen.
Ackman noted the rapid decline in global business leaders’ confidence in U.S. leadership.
“This is not what we voted for,” Ackman expressed in a post on X, previously known as Twitter. “Business is a confidence game. The president is losing the confidence of business leaders around the globe.”
The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust. President @realDonaldTrump has elevated the tariff issue to the most important geopolitical…
— Bill Ackman (@BillAckman) April 6, 2025
Ackman further criticized the administration’s approach to tariffs, which is based on trade deficits, describing it as misguided and potentially harmful to the economy.
Economists have warned that the uniform nature of these tariffs could adversely affect both international partnerships and domestic business investments.
Amid mounting fears of a protracted trade conflict, the negative sentiment has resonated throughout the cryptocurrency markets.
Crypto Liquidations Exceed $1.3B as Markets Face Significant Decline
Cryptocurrency markets experienced a severe correction on what has been dubbed “Black Monday,” with liquidations surpassing $1.36 billion within the last day.
The crypto sector is declining alongside global stock exchanges in response to Trump’s recently implemented ‘Liberation Day’ tariffs.
Data from CoinGlass indicates that futures traders with long positions were most impacted by the market turmoil, with over $1.2 billion in long bets eliminated, including more than $392 million in losses from Bitcoin long positions.
The sell-off in cryptocurrencies is not isolated; U.S. stock futures also nosedived on Sunday evening, raising concerns about a wider market crash.
S&P 500 futures plummeted by 5.98%, Nasdaq 100 futures declined by 6.2%, and Dow futures fell by 5.5%, suggesting a tumultuous opening to the trading week.
This sharp downturn follows intensified macroeconomic uncertainties, escalating trade tensions, and heightened investor worries regarding President Donald Trump’s increasing tariff measures.
The post BTC, SOL, XRP Drop 20% — Billionaire Bill Ackman Calls for 90-Day Pause on Trump’s Tariffs appeared first on Cryptonews.
