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The global cryptocurrency market is experiencing another steep drop, making investors jittery and markets in the red. Currently, the overall market capitalization has gone down by 2.23% to reach $2.7 trillion. The 24-hour trading volume, on the other hand, has declined more than 15% as activity in exchanges dips.
Crypto Crash Today: Bitcoin, Ethereum, XRP See a Sharp Drop
The leading cryptocurrency coin, Bitcoin, has suffered a price drop of nearly 2% in the past 24 hours. According to CoinMarketCap, its current value is $83,428.98, and its dominance marginally rose to 61.32%. Ethereum also fell in the same direction, dropping 1.89% to $1,873.80. XRP price suffered a sharper fall, with a drastic 5.47% price drop, trading at $2.09.
This plunge has propagated throughout the broader crypto market, with investors growing fearful. The Fear and Greed Index indicates a present value of 26, indicating “Fear,” from 44 yesterday. This is indicative of increasing panic, which tends to cause massive sell-offs.
Reasons Behind Crypto Crash Today?
Trump’s New Tariff Announcement: Former US President Donald Trump has brought back stringent tariffs, such as 25% on steel and aluminum and 20% on Chinese products. These trade restrictions are raising eyebrows globally, and investors are worried about their impact on inflation and economic growth, including on cryptocurrencies.
US Economic Data: New inflation numbers posted on March 28 shook up the markets. The Core PCE Price Index rose to 2.8% in February, and Michigan Consumer Inflation Expectations sat at 5% in March. These increasing values indicate that inflation is not slowing down. That might compel the Federal Reserve to raise interest rates once more, something usually detrimental to investor sentiment in all assets classes.
Spot Bitcoin ETF Outflows: The Spot Bitcoin ETF saw a net outflow of $93.16 million in just one day. Although the total net inflow stands at $36.24 billion, daily outflows indicate profit-booking and weakening confidence in the short term.
Long-Term Holders Selling BTC: According to on-chain data, long-term holders recently moved around 650 BTC (worth $55 million).
Source: X
According to Ali Martinez, these BTC transfers from old wallets are often seen as a sign of profit-taking, especially when they coincide with a falling price. This movement likely triggered fear-driven sell-offs in the broader market.
Thailand Earthquake: A powerful 7.7 magnitude earthquake struck near Mandalay, Myanmar, also affecting regions of Thailand—a nation with an expanding pool of crypto users. With Thailand now accepting Bitcoin as payment and promoting pro-crypto policies, the earthquake has briefly altered investor sentiment, making the region more fearful.
Will the Market Rise Again or Crash Further?
Despite today’s crash, there are some signs of possible recovery.
Ethereum ETF Inflows: While the overall market is falling, Ethereum’s ETF has recorded inflows twice this month—$14.58 million on March 4 and $4.68 million on March 28, as per SoSoValue report. This shows growing interest in ETH exposure through regulated platforms.
Source: SoSoValue
Upcoming Economic Events: Investors are now looking at major events. On April 2, the ADP Non-Farm Employment Change report will be out, and on April 4, Fed Chair Jerome Powell will give a speech. Most are expecting good news that can stabilize the platforms and the overall project ecosystem.
Today’s crypto market downturn is due to a combination of factors such as global economic volatility, policy shifts, ETF fashion, and unanticipated natural calamities. While the mood of the market is decidedly fearful, future events and sustained ETF enthusiasm may restore optimism.
