Crypto Liquidations Hits $1.38 Billion as Bitcoin Falls Below $80K

According to data from Coinglass, the cryptocurrency market experienced significant turbulence, with liquidations surging to over $1.38 billion in the wake of escalating tariff disputes between nations.

Over the past 24 hours, a staggering 451,280 traders globally faced liquidation, contributing to a total liquidation value of $1.38 billion. The single most significant liquidation order was executed on OKX for the BTC-USDT-SWAP, amounting to $7.0847 million.

The imposition of tariffs has further exerted downward pressure on cryptocurrency prices. The leading cryptocurrency has notably dipped below the $80,000 mark and is currently trading at $75,573, reflecting a substantial 8% decrease.

Crypto Market Brace for Impact

As of today, Monday, April 7, 2025, the crypto market is falling. Bitcoin (BTC) is trading at $75,673.78, down 7.99% in the last 24 hours, according to Binance. Ethereum (ETH) is also down, priced at 1,577.75 USDT, a 10.32% drop simultaneously. The ETH/BTC ratio hit a low of 0.01980 before settling at 0.02011.

Notably, other altcoins are also down. Solana (SOL) is below $100, trading at $99.93. This is a 63% drop from its high of $270 and a 28.42% drop in the last 30 days. ETH fell to $1,507, and BTC fell to $75,622.

These crypto drops are happening while traditional markets are also falling. The Shanghai Composite Index is at 3,065 points, down 8.28% for the day. The Hang Seng Index is down even more, falling to 20,176 points, an 11.70% drop.

Bitcoin Price Action Today

Bitcoin’s trading volume over the past day is over $59 billion; this represents an increase of 392.90% from the day before, indicating market engagement. Despite this, Bitcoin has dropped by 7.60% over the last week. 

Notably, BTC once hit a high of $108,786 and a low of $67.81. According to CoinGecko data, it’s trading at 30.99% lower than its highest point and 110,605.68% higher than its lowest price.

Meanwhile, precious metals are going up. Gold prices rose by $80 earlier today, and silver is also rising, likely as investors look for safe investments during market uncertainty.

Bitcoin critic Peter Schiff has capitalized on the current market situation to reiterate his doubts about cryptocurrencies.

“After a delayed reaction on Friday, crypto is finally starting to crack. Ether has already fallen to its lowest level since Oct. 2023, down 65% from its peak, and Bitcoin just traded below 81K, taking out last week’s low. It could be a long day for those trapped in Bitcoin ETFs”.

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