The cryptocurrency market saw a sharp decline on April 7, with Bitcoin leading the downturn amid a broader wave of risk-off sentiment in global financial markets, APA-Economics reports.
As of 9:30 a.m. Baku time, the price of Bitcoin on the CoinMarketCap platform had dropped by 7.55%, falling to $77,170.
Other major cryptocurrencies also suffered significant losses. Ethereum, the second-largest digital asset, fell by 14.32%, trading at $1,549. Among the top five cryptocurrencies, XRP plummeted 15.56%, while BNB dropped 7.29% in the past 24 hours.
The sharp decline comes amid increasing global market volatility and investor uncertainty following the U.S. announcement of new reciprocal tariffs, which has impacted both traditional and digital asset markets.
For reference, Bitcoin reached its all-time high on December 16, 2024, surpassing $108,000.
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