Hassan Maishera
TL;DR
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BTC is down 10% over the last 24 hours and now trades just above $75k
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Altcoins suffered greater losses, with most down 15% or more.
Crypto Market Sheds Nearly $300B Over the Weekend
The cryptocurrency market was extremely bearish over the weekend, with Bitcoin and major altcoins recording huge losses. Bitcoin, the leading cryptocurrency by market cap, lost 10% of its value in the last 24 hours and is now trading just above $75k per coin.
Ether, the second-largest crypto by market cap, shed 17% of its value on Sunday and now risks dropping below $1,400 per coin. The bearish performance comes as the ongoing tariff wars continue to affect the financial markets.
In an email to Cryptowisser, Sergei Gorev, Head of Risk, YouHodler, stated that the bearish scenario for American stock markets is rubbing off on the crypto market and other financial markets.
Recent data indicates that the U.S. stock market has lost over $10 trillion since President Trump assumed office in January.
JUST IN: 🇺🇸 US stock market officially lost $10 trillion since President Trump was inaugurated. pic.twitter.com/y0CwsvAmZ8
— Watcher.Guru (@WatcherGuru) April 4, 2025
Gorev added that,
“ In such a situation, it will be tough for the cryptocurrency market to show its positive attitude if the decline in American indices continues. The leading indicator of the increasing pessimism of investors is the regular updating of the price minimum of the ratio of ETH to BTC. And the continued growth of the dominance of BTC capitalization relative to all other crypto products. This fact also highlights investors' uncertainty about the future of the crypto space. Until the S&P 500 index returns above its 200-day moving average again, it may be risky to invest in cryptocurrencies.”
Altcoins Suffer Huge Losses
While BTC is down 10%, most altcoins lost 15% or more of their values over the weekend. Ripple’s XRP is the worst performer among the top 10 cryptocurrencies by market cap, down 21% in the last 24 hours. At press time, XRP is trading at $1.66.
Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all lost 19% of their values, while Tron (5%) and BNB (10%) are holding strong.
Data obtained from CoinGlass revealed that liquidated long positions hit the $800 million mark following this bearish performance. Bitcoin traders betting on higher prices lost over $322 million, while bets on ether (ETH) lost nearly $290 million. CoinGlass added that altcoins recorded almost $400 million in liquidations, with futures tracking XRP and SOL seeing an unusually high $80 million in cumulative liquidations.
Thanks to the ongoing bearish performance, the total crypto market cap now stands at $2.44 trillion, down $300 billion over the last 48 hours.
