#BTC# #ETH# #DOGE# The crypto market has suffered a blow with a drastic drop in the value of Bitcoin, which dragged the entire crypto market down.

In just 24 hours, Bitcoin dropped to around $74,700, while XRP and Solana (SOL) plummeted by approximately 20%. The rapid decline triggered widespread liquidations, wiping out more than $1.2 billion in leveraged long positions.
The sudden crash caught many investors off guard, especially those who had heavily bet on rising prices. Data from CoinGlass indicates that long positions were particularly affected, making up nearly 86% of total liquidations. Only BTC investors lost over $467 million, while in Ethereum (ETH) around $390 million evaporated. XRP and Solana futures also faced significant losses amounting to $140 million in total.
This wave of liquidations marks a sharp reversal from expectations that April will bring an upward trend. Instead, the price of Bitcoin fell below $75,000, with Ethereum also crashing 15% to around $1,430.
Ethereum is battling bearish sentiment as exchange supply decreases.
Altcoins faced even steeper declines: SOL plummeted by 18%, XRP fell by 21%, and Dogecoin (DOGE) lost 19% of its value. Binance Coin (BNB) managed to perform slightly better, but still recorded a decline of 11%. Recent data shows that mid-cap tokens and smaller tokens have also been hit, with losses ranging from 10% to 20%.
The crypto sell-off coincided with a broader market decline driven by concerns over U.S. trade policy. While the Trump administration pushed for new tariffs, fears of an escalating trade war triggered shockwaves in global markets. U.S. stock index futures fell by nearly 5%, reflecting investor unease. Hedge fund manager Bill Ackman warned of severe economic consequences, suggesting that the U.S. might be on the brink of an "economic nuclear war."
Some traders remain hopeful, viewing the decline as a potential buying opportunity if Bitcoin stabilizes. However, as sentiments remain unstable and the impact of economic uncertainty looms, many traders are approaching the market cautiously with concerns about further volatility.