Crypto market wipes out $1 billion in liquidation as Asian markets bleed red
- The crypto market continued to decline on Monday, with BTC falling below $78,000 after Trump’s tariff announcement last week.
- The Asian markets also traded in the red, with Japan’s stock market extending losses to 8.5%, its lowest level since October 2023.
- The Coinglass liquidation heatmap shows over $1.01 billion in liquidation in the last 24 hours.
The crypto markets continue to decline on Monday, with Bitcoin (BTC) falling below $78,000. The Asian markets also traded in the red, with Japan’s stock market extending losses to 8.5%, its lowest level since October 2023. The Coinglass liquidation heatmap chart shows over $1 billion in liquidation in the last 24 hours. This massive loss in market value reflects a broader sell-off triggered by the US-China trade war and post-US President Donald Trump’s tariff announcement last week, naturally dragging down crypto and Asian markets.
Crypto and Asian markets slide into the red amid escalating trade war
The crypto markets continued to trade in the red on Monday, with Bitcoin falling below $78,000 during the early Asian trading session. According to CoinGecko data shown in the graph, the top 10 cryptocurrencies are also red.
Top 10 cryptocurrencies chart. Source: CoinGecko
According to the Kobeissi report on Monday, the Asian market followed this downward trend. Japan’s stock market has extended losses to 8.5%, its lowest level since October 2023.
The report further explains that Global stocks have erased over $20 trillion since February 19, mostly fueled by tariff uncertainty and the trade war.
BREAKING: Japan’s stock market extends losses to -8.5% today to its lowest level since October 2023.
— The Kobeissi Letter (@KobeissiLetter) April 7, 2025
Global stocks have erased well over $20 trillion since February 19th. pic.twitter.com/dkBzySxD7P
US President Donald Trump announced tariffs last week on April 1, including a 10% tariff on all imports and additional punitive taxes on about 60 countries. This announcement has sparked a global trade war, with China retaliating by imposing a 34% levy on US goods. Japan, heavily reliant on exports (especially to the US and China), is caught in the crossfire.
This massive loss in market value reflects a broader sell-off triggered by the US-China trade war, which began after US President Donald Trump’s tariff announcement last week. The trade war is naturally dragging down Asian markets.
The effects of the global trade war could also be seen in the crypto markets as they triggered a wave of liquidation. According to the Coinglass Liquidation Map chart, in the last 24 hours, 24,146 traders were liquidated, and the total liquidations came in at $1.01 billion. The largest single liquidation order happened on Bitfinex—tBTCF0:USTF0, valued at $16.38 million.
Bitcoin saw over $340 million in liquidation, while Ethereum saw $294.91 million. Huge liquidations like this could spark Fear, Uncertainty and Doubt (FUD) among investors and cause a rise in selling pressure, leading to further price declines.
Liquidation Heatmap chart. Source: Coinglass
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
