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Waking up this morning to confirmation that tariffs are here to stay—and will not be delayed—has sent fresh shockwaves across global markets. This time, crypto hasn't escaped the fallout.
Bitcoin is down over 7%, trading below $78K but still holding slightly above its March low, while almost every altcoin has dropped over 10%, wiping out most altcoin gains made since Trump’s election victory. Ethereum has plunged 14%, now sitting below $1,600 for the first time since November 2023. Solana is hovering just above $100, down 63% from its all-time high in January.
In traditional markets, S&P 500 and Nasdaq futures opened over 4% lower, pushing the S&P 500 into official bear market territory if the spot follows suit. Gold saw a rapid wick below $3,000 within five minutes of the open before partially recovering. Silver has shed 2.6% since the 8am open.
This isn’t just a crypto story—these tariffs are causing a broad-based correction across both risk-on and risk-off assets. But now is not the time to panic.
While the term ‘Black Monday’ has started circulating and 61.9% of American Association of Individual Investors (AAII) members expect further downside over the next six months, recession probabilities have surged to 65% according to Polymarket. Fear is high, but opportunity often follows.
These are the market conditions where long-term investors find their edge. Historically, accumulating Bitcoin during periods of fear has rewarded patience. Rather than fleeing the market, this is when you lean in—this is when you build positions in Bitcoin and high-conviction altcoins. Wealth isn’t made in bull markets; it’s made in moments like this.
Stormrake Spotlight: Ripple (XRP) ($1.91)
Stormrake Spotlight: Ripple (XRP) ($1.91)
XRP has finally broken down, shedding over 10% as Bitcoin fell over 7%. It's now trading below its long-held range, with a close beneath the lower bound looking likely for the first time since November.
Without nearby support, the blue demand zone between $1.50–1.63 appears to be the next logical target, especially under current bearish market conditions.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has lost the critical $81.6K support and is fast approaching the level defined by last year's all-time high—$73,777. If March’s low fails to hold, this zone is likely to be tested next.
Momentum and structure are clearly with the bears right now. A breakdown below March’s low seems increasingly probable if sentiment and macro headwinds persist.
BTC Total ETF Flows for 6 April: (data not available at the time of writing.)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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