The crypto world is calling April 7 “Black Monday”, after a weekend full of losses where more than $1 billion was wiped out from the market. It’s been a wild ride, and traders are still feeling the shock.
What Happened?
According to Coinglass, on Saturday (April 5), around $116 million worth of crypto positions were lost. That included both traders betting prices would go up (called longs) and those betting prices would fall (shorts)
But Sunday was even worse.
- In just one day, over $850 million was liquidated (which means trades were forcefully closed due to big losses).
- Most of these were long trades — meaning many people were expecting prices to rise but got caught off guard when they fell instead.
- In total, over 320,000 traders were affected in just 24 hours.
Crypto Market Takes a Big Hit
As of now, the total crypto market value has dropped by more than 10%, down to about $2.5 trillion, says CoinGecko.
Some of the hardest-hit coins include:
- XRP, down 15.4%, now trading at $1.70.
- Ethereum (ETH), down 14.3%, currently at $1,480.
- Bitcoin (BTC), down nearly 8%, trading around $77,000.
Online analysts have been warning that April 7 could become a new version of the original “Black Monday” — the massive stock market crash that happened on October 19, 1987, when the Dow Jones fell by over 22% in just one day.
Fear Is Spreading — But Is It Overblown?
People are clearly nervous. Searches for “Black Monday” are spiking on Google, and many experts believe fear is at one of its highest levels in years.
According to The Kobeissi Letter, this panic is mostly due to worries about new tariffs announced by Donald Trump. They think this could be a short-term crash, followed by a recovery: “Down, then up.”
A sentiment survey by AAII shows 61.9% of investors feel bearish (negative) — double the usual amount.
One analyst, Duo Nine, warned that these tariffs could hurt global trade and lead to a long bear market for crypto, lasting 1-2 years if a global recession kicks in.
Is This a Buying Opportunity?
Not everyone is buying into the doom-and-gloom.
Ryan Wollner, founder of Pearpop, believes the panic is overdone. He says this might only be a 2–3 week downturn, and smart investors may be able to sell now and buy in again at lower prices soon.
He also said this isn’t like past crashes caused by fraud or scams — it’s just a shift in global trade that might even benefit U.S. companies in the long run.
The Bottom Line
The market is going through a rough patch, with billions lost and fear running high. Some believe the worst is yet to come, while others think this could be a temporary dip — and even an opportunity to buy low.
Whatever happens next, this week will be crucial in showing whether crypto can bounce back or if more pain is ahead.
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