Cryptocurrency Market Hit Hard: Bitcoin Plunges Below $75,000, Market Panic Spreads

Cryptocurrency Market Hit Hard: Bitcoin Plunges Below $75,000, Market Panic SpreadsAccording to Red Star Capital Bureau on April 7th, the cryptocurrency market is experiencing a sharp decline. Bitcoin has plummeted by over 9% in the past 24 hours, briefly falling below the $75,000 mark, a level not seen since November 2024

Cryptocurrency Market Hit Hard: Bitcoin Plunges Below $75,000, Market Panic Spreads

According to Red Star Capital Bureau on April 7th, the cryptocurrency market is experiencing a sharp decline. Bitcoin has plummeted by over 9% in the past 24 hours, briefly falling below the $75,000 mark, a level not seen since November 2024. As of press time, Bitcoin's latest price is $75,170.

Not only Bitcoin, but other major cryptocurrencies have also suffered losses, with their prices falling sharply. Ethereum, Cardano (ADA), and Dogecoin, among other mainstream coins, have seen declines exceeding 15%, shrouding the entire market in an atmosphere of panic.

Investors Suffer Heavy Losses, Liquidation Amounts Staggering

The sharp volatility in the cryptocurrency market has resulted in significant losses for investors betting on price increases. Data from crypto asset data platform Coinglass shows that as of 3:40 PM on April 7th, 446,200 people globally had been liquidated in the past 24 hours, with total liquidations reaching a staggering $1.38 billion.

Looking at the liquidation results, those who held optimistic views on the market suffered greater losses amidst the extreme price fluctuations. This indicates the extremely high risk of high-leverage trading during times of extreme market conditions, and investors should exercise caution.

Bitcoin Down 15% Year-to-Date, Is the Bull Market Over?

Since the beginning of 2025, the price of Bitcoin has cumulatively fallen by 15%. This figure has sparked concerns in the market about whether the Bitcoin bull market has ended.

Market analysts point out that this Bitcoin price crash is closely related to the recent complex global economic situation. Global economic uncertainty and heightened geopolitical risks have led to increased risk aversion among investors, resulting in a sell-off of risk assets, including cryptocurrencies.

CryptoQuant founder and CEO Ki Young Ju believes that the Bitcoin bull market cycle has ended. He explained that when small capital can drive prices up, it indicates that the market is in a bull market stage; however, when even large capital cannot drive prices up, it may mean the arrival of a bear market. The current data clearly points to the latter, meaning that the market has entered a bear market phase.

Ki Young Ju further pointed out that selling pressure could ease at any time, but based on historical experience, a true reversal will take at least six months, so a market rebound in the short term is unlikely. His view serves as a warning to investors, indicating that the market may take some time to recover.

Long-Term, Does Bitcoin Still Have Upside Potential?

Despite the numerous challenges facing the market in the short term, Bitwise analyst Jeff Park believes that Bitcoin still has long-term upside potential. He argues that as global economic growth comes under pressure, funds may flow into non-sovereign assets with anti-inflationary properties, such as Bitcoin, to seek refuge. This will be a significant driver of Bitcoin's price increase.

As a decentralized digital asset, Bitcoin's scarcity and anti-inflationary characteristics make it a potential safe-haven asset during economic downturns. As more and more people recognize the value of Bitcoin, its long-term demand is expected to continue to grow.

Russia Tightens Cryptocurrency Regulation

In addition to market factors, changes in regulatory policies have also impacted the price of Bitcoin. The Central Bank of Russia recently proposed strengthening the regulation of cryptocurrency use in domestic settlements.

Elvira Nabiullina, Governor of the Central Bank of Russia, stated that the central bank proposes to strengthen the regulation of cryptocurrency use in domestic settlements, emphasizing that it should not be allowed to penetrate domestic currency circulation and internal settlements. This statement indicates that the Russian government's regulatory attitude towards cryptocurrencies remains relatively cautious.

At the same time, the Central Bank of Russia is also considering allowing some market participants to invest in cryptocurrencies domestically, but plans to open this opportunity only to highly qualified investors. Regular qualified investors may only be able to invest in cryptocurrency derivatives. This policy indicates that the Russian government is trying to regulate cryptocurrencies while also providing an opportunity for some investors to participate in the market.

Russia's move to strengthen cryptocurrency regulation reflects the global trend towards cryptocurrency regulation. As the cryptocurrency market continues to develop, governments worldwide are actively exploring how to effectively regulate it to protect investor interests and maintain financial stability.

This cryptocurrency market crash is both a correction of previous excessive optimism and a reflection of the changing global economic situation and regulatory policies. In a context of increased market volatility, investors should remain rational, carefully assess risks, and make informed investment decisions based on their risk tolerance.

Summary:

The cryptocurrency market has recently experienced a sharp decline, with Bitcoin prices falling significantly and market panic spreading. Investors have suffered heavy losses, and liquidation amounts are staggering. The Bitcoin price crash is closely related to the recent complex global economic situation and changes in regulatory policies. Despite the numerous challenges facing the market in the short term, Bitcoin still has long-term upside potential. Russia's move to strengthen cryptocurrency regulation reflects the global trend towards cryptocurrency regulation. Investors should remain rational, carefully assess risks, and make informed investment decisions based on their risk tolerance.

This cryptocurrency market downturn reminds investors to be cautious when investing in cryptocurrencies, avoid blindly following trends, fully understand market risks, and properly manage risks in order to be invincible in the market. At the same time, investors also need to pay attention to changes in the global economic situation and regulatory policies in order to adjust their investment strategies in a timely manner and avoid unnecessary losses. While the cryptocurrency market is full of opportunities, it is also full of challenges. Only by maintaining rationality can one succeed in this market.

The end.