Black Monday hits crypto, Over $1B longs wiped in flash crash

The global cryptocurrency market is having its own Black Mirror episode as more than $1.4 billion in liquidations just wiped out bullish dreams across the board. Bitcoin (BTC) got slapped down under $76K and altcoins are painting the town red. It is turning out to be Black Monday for the financial markets.

US stock futures are also throwing tantrums as the S&P 500 dropped almost 6% while the Nasdaq 100 spiraled 6.2%. Trump’s tariff war has impacted over 180 countries, and global markets are crashing down, reacting to that. Investors are now asking for a minute to breathe under the emerging selling pressure.

Bitcoin gets rugged below $76K

As per the data, the cumulative crypto market cap dropped by a massive 8.69% over the last day to sink below the $2.5 trillion mark. Its 24 hours trading volume spiked by a whopping 275% to hit $159 billion. This suggests that the traders are moving their funds invested in crypto heavily to get away from the crashing market.

Data provided by CoinGlass shows that over 450k traders got liquidated in the last 24 hours. The total liquidations recorded stood at $1.4 billion, hinting that more might be seen ahead. Over $1.21 billion liquidated positions (87%) turn out to be long bets. This suggests that traders weren’t hoping the crypto market to collapse in front of traditional financial markets.

Bitcoin tripped and nosedived to hit the $76K zone in its worst start to a historically bullish month. This might be its worst April Fools follow-up ever. BTC saw $465 million get liquidated over the past 24 hours as the bears took control. Someone please check on the bulls, they might need emotional support now.

BTC price plunged by almost 9% over the last day while it has been dragged down by 25% in the past 90 days. Bitcoin is trading at an average price of $76,662, at press time.

Altcoins didn’t escape the wreckage either. Solana (SOL), XRP, and Dogecoin (DOGE) all took a 15% nosedive before catching a breath. SOL even dropped below the crucial $100 mark. The biggest altcoin, Ethereum (ETH) sinked 17% in the last 24 hours, trading below the $1,500 mark.

Markets in mayday mode

Veteran market commentator Jim Cramer reportedly sounded the alarm. He even pulled a history card, whispering “Black Monday.” He mentioned that if US President Trump doesn’t ease his aggressive policies then the global economy will watch chaos happening in front of them on April 7, Monday.

Japan’s Nikkei crashed 9%, its lowest since October 2023, while Asia’s looking like someone pulled the plug on optimism. Shigeru Ishiba, Japan’s Prime Minister even said that he is ready to visit the US and negotiate tariffs with President Trump.

According to the Kobeissi Letter, global markets have lost $20 trillion since February 19. That’s more than the GDP of the entire Eurozone. India’s Sensex and Nifty 50 crashed by 3.61% and 3.87%, respectively. The Shanghai Composite Index has declined to 3,065 points with a drop of 8.28%. The Hang Seng Index has fallen to 20,176 points, down 11.70% on the same day.