Market Annihilation: ETH -19%, SOL -18%, XRP -19%

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Cryptocurrency markets plunged sharply early Monday, wiping billions from the total market capitalization as major altcoins entered deep red territory. Bitcoin (BTC) dropped 9.65% to $75,000, but Ethereum (ETH) suffered a steeper fall, crashing 18.57% to around $1,465.

Why Is the Crypto Market Crashing Hard Monday?

The crash is a direct reaction to renewed recession fears following President Trump’s aggressive global tariff strategy.

As new levies took effect over the weekend (including rates up to 54% for China) and more loom (Apr 9), panic selling hit risk assets globally. While crypto initially seemed insulated from last week’s $6.5 trillion stock market plunge, that decoupling dissolved during intense selling Sunday night into Monday morning.

How Badly Are ETH, SOL, XRP, ADA, BNB Hit?

The altcoin space saw brutal losses:

• Ethereum (ETH): Crashed 18.57% to ~$1,465, its lowest since Oct 2023. Volume exploded 474%.
• Solana (SOL): Tumbled 18.32% below $100 to ~$97.36. Volume surged 276%.
• XRP: Crashed 19.25% to ~$1.68.
• Cardano (ADA): Fell 18.10% to ~$0.5227.
• Binance Coin (BNB): Lost 10.40% to ~$529.40.

Adding to the pressure, the ETH/BTC ratio fell to 0.02089, a near five-year low, confirmed by journalist Colin Wu, highlighting ETH’s severe underperformance.

According to Binance market data, BTC has fallen below 81,000 USDT and is now trading at 80,746.25 USDT, down 2.18% over the past 24 hours. ETH has dropped below 1,700 USDT, currently trading at 1,686.01 USDT, with a 24-hour decline of 4.17%. The ETH/BTC ratio has fallen to…

— Wu Blockchain (@WuBlockchain) April 6, 2025

Related: Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

Are Whale Liquidations Fueling the Sell-Off?

Cascading liquidations appear to be amplifying the downturn. Lookonchain reported over 500,000 ETH moved by whales. One major ETH holder faces potential liquidation of 53,074 ETH (~$77 million) on MakerDAO after already losing $19.58 million in prior events.

As $ETH drops below $1,500, the whale is about to be liquidated for 53,074 $ETH($77M)!
If this whale does not increase collateral or repay debt, he will be liquidated for 53,074 $ETH($77M) in 40 minutes.https://t.co/OsRc23ptV8 pic.twitter.com/1NLaByIEHX

— Lookonchain (@lookonchain) April 7, 2025

Another whale scrambled to avoid liquidation on a $340 million ETH position by repaying DAI and adding collateral, lowering their liquidation price to $1,119 – a level that, if hit, could trigger more waves.

BTC whales also showed signs of panic, with over 2,700 BTC (~$213 million) deposited to Binance. One whale reportedly exited at a $2.53 million loss after misjudging the bottom.

Coinglass data indicated nearly $758 million in bullish leveraged positions liquidated market-wide in the last 24 hours.

How Oversold Is the Market Now?

The crypto total market cap chart plunged below prior support zones, reaching $2.34 trillion according to one 4-hour chart analysis. The Relative Strength Index (RSI) on that timeframe crashed to 17.84, deep into oversold territory (<20).

Related: Crypto Funding Rates Indicate Indecision: BTC, ETH Show No Strong Bias

While such levels often precede relief bounces, extreme fear and ongoing liquidations mean caution is critical. Fibonacci analysis suggests potential further downside toward the $2.2 trillion or even $2 trillion total market cap levels if current supports fail.

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