Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Crypto – European Wrap 7 April

Crypto Today: BTC, ETH, and XRP lead $1.4B capitulation on Black Monday as FTX denies $2.5B claims

Cryptocurrencies nosedived over the weekend, shedding over $300 billion since Friday. What some traders on social media are terming crypto’s Black Monday, losses come after an initial positive decoupling on Thursday, when US stocks crashed after China announced 34% retaliatory tariffs. 

Bitcoin Price Forecast: BTC hits new yearly low below $75,000 as global trade war escalates

Bitcoin (BTC) recovers part of the initial losses and trades around $76,000 at the time of writing on Monday after reaching a new yearly low of $74,508 during the Asian trading session. However, BTC extends its fall on a daily basis after correcting near 5% the previous week. The global trade war escalated, wiping out 452,976 leveraged traders and causing a total liquidation of $1.39 billion from crypto markets in the last 24 hours. Moreover, the US institutional demand has weakened as it recorded a net outflow of $172.69 million from its spot Exchange Traded Funds (ETFs) last week. 

The crypto market slides down

The crypto market capitalisation took a corkscrew turn over the weekend, falling to $2.35 trillion, a low since mid-2024 and a loss of 11.5% in 24 hours. The market has pulled back to levels seen in early November last year when Trump's victory triggered a break of resistance. At these levels, the market looks emotionally oversold, which increases the chances of a bounce. However, for a rebound to be a reversal, fundamental changes are required, and these are not yet in place.