Crypto Markets Crumble as BTC Falls Below $75K, Traders Brace for More Pain as Wall Street Opens

Cryptocurrency markets plunged deeper into the red Monday morning, as Bitcoin slipped below the critical $75,000 level, amplifying investor anxiety ahead of the U.S. market open. XRP, Solana (SOL), and Dogecoin (DOGE) led the altcoin collapse, each tumbling more than 20% over the past 24 hours.

Losses accelerated during the European session, extending a weekend of volatility that erased over $1 billion in long positions across the crypto space. The CoinDesk 20 Index (CD20), which tracks the top digital assets, dropped 12%, underscoring the extent of risk-off sentiment permeating the space.

Traders Warn: More Blood May Be Coming

“We’re not at the bottom yet,” said one derivatives trader based in London. “Crypto is front-running equities right now, and there’s little sign of stability before the U.S. opens.”

The sentiment echoes a broader view that global markets are entering a more aggressive risk-averse phase.

Key Technical Levels Break Across the Board

XRP has breached its 200-day moving average, now trading at $1.70 — a critical psychological level that held for much of Q1. Solana has fallen below $100, while DOGE collapsed to $0.13, dragged down by heavy retail unwinding and technical breakdowns across shorter timeframes.

BTC itself is now approaching levels analysts flagged earlier in the year as potential final supports in a bull-market retracement, namely the $70K–$75K region.

Tariff Shock Waves Still Rippling

Driving the downturn is renewed macroeconomic stress, sparked by President Donald Trump’s aggressive tariff push on Canada, Mexico, and China. The announcement of steep new levies last week sent shockwaves through global markets, pushing investors out of risk assets and into traditional safe havens like gold and the Japanese yen.

China’s expected countermeasures, possibly involving early monetary stimulus, have done little to calm nerves.

“We’re in Bear Mode Now”

Augustine Fan, Head of Insights at SignalPlus, told CoinDesk, “Markets are now in full-blown bear mode — rallies are being sold off immediately, and volatility is shaking out anyone without a long-term thesis.”

Fan added that while Bitcoin’s long-term macro positioning remains strong relative to equities and even gold, short-term catalysts are lacking: “Until geopolitical headlines stabilize, risk management will rule the day.”

Meanwhile, Jeff Mei, COO of BTSE, noted that smaller nations like Vietnam and Cambodia have started engaging in trade talks with the U.S., but without larger economies like China or Japan stepping in, “there’s little hope for sustained recovery.”