The cryptocurrency market has had a very painful past week. The trade war between the US and China has taken global markets by storm. US President Donald Trump and many other countries made statements one after the other, and investors left behind a week full of fear. In particular, April 7, 2025 has taken its place in history as “Black Monday”. Bitcoin fell below $77,000 on the first trading day of the week, while Ethereum fell below $1,450.
Trump’s rhetoric targeting China and China’s failure to back down led to the liquidation of nearly $2 billion from the cryptocurrency market.
Here is what happened this week…
Black Monday in the crypto market
The impact of US President Donald Trump’s statements made on April 2, 2025 was reflected in this week. On the night of April 6, Sunday, April 6, to Monday, April 7, stock market futures made a bearish start. Losses continued in Asian markets on the said date. S&P 500 futures fell nearly 6 percent, while Nasdaq 100 futures lost 6.2 percent.
On April 7, cryptocurrencies started the new week with a major collapse. Bitcoin fell below $77,000 and Ethereum collapsed. Coinbase’s “Top 50” index fell 11 percent.
Analysts stated that crypto investors started the new week in a selling direction as they feared the uncertainty of the markets, and that this selling pressure led to the “Black Monday” collapse.
Black Monday Crashes the Ethereum Whale
The 5 to 10 percent declines that took place on April 7, 2025 also affected the big whales. The Ethereum whale, which holds a large position in the decentralized finance protocol Sky, faced liquidation of over $100 million. According to on-chain data, one whale lost 67,530 ETH worth $106 million. The whale, whose collateralized debt position in Sky was liquidated, has signed the biggest loss in recent times.
BlackRock CEO Spreads Fear
BlackRock CEO Larry Fink made statements after the so-called “Black Monday” declines. Fink stated that the US’s aggressive imposition of tariffs on its trading partners will further depress the markets. Pointing to the US markets, Fink predicted that shares would lose nearly 20 percent. Stating that he had a meeting with the CEOs of the companies, Fink stated that a possible recession is approaching and the markets will face a major collapse. The CEO of BlackRock, the largest spot Bitcoin ETF issuer, received backlash from crypto investors. On the other hand, Bitcoin price rose after Fink’s statements.
XRP wind in the US
The XRP wind blew in the US on Tuesday. Teucrium Investment Advisors LLC launched the Teucrium 2x Long Daily XRP ETF (XXRP), the first XRP-based ETF in the US market. The double-leveraged XRP ETF has created great anticipation among crypto investors. Analysts said that the launch of the futures ETF is a big step and that a spot XRP ETF could be launched soon. The XXRP ETF, which started trading on the NYSE Arca exchange in the US, created excitement despite the uncertainty and pessimism in the market.
Arthur Hayes Points to China
BitMEX founder Arthur Hayes claimed that the People’s Bank of China will trigger the rise of Bitcoin. Hayes stated that the Chinese yuan will lose value as China enters a trade war with the US and Chinese investors will turn to Bitcoin. The crypto expert stated that if there is no monetary expansion from the US, eyes will turn to China and China will be a major catalyst. Hayes stated that a similar scenario took place in 2013 and 2015 and that it could happen in 2025.
Standard Chartered Raises Eyebrows with XRP Forecast
Banking giant Standard Chartered stated that XRP could rise 200 percent by the end of 2025. In these days when the crypto market is going through difficult days, it was claimed that XRP could start the bull market.
Geoff Kendrick, the bank’s digital assets researcher, said in a note that XRP, the native token of XRP Ledger, will rally until the end of 2025. Kendrick claimed that XRP, currently valued at $2, will reach $5.5 in 2025. “We think XRP can really keep up with Bitcoin,” BlackRock’s research note said.
Trump Family-Backed Project Sells ETH and Buys SEI
World Liberty Financial, which allegedly traded inside information of the Trump family, made remarkable transactions this week. World Liberty sold ETH in the middle of the week with a 55 percent loss. Arkham Intelligence stated that World Liberty Financial moved 5,471 ETH worth $8 million. The DeFi project sold ETH at an average price of $1,465, Arkham said. Before the effects of the sale wore off, World Liberty made a new purchase. The project bought 548,538 SEI for 125,000 USDC. The SEI price rose more than 10 percent with the effect of the purchase. It is not known what the company, which buys SEI at regular intervals, aims for. Experts believe that World Liberty is speculating on SEI as a potential investment company.
Nasdaq Moves to List VanEck Avalanche ETF
US exchange Nasdaq has taken action on the VanEck Avalanche ETF, an exchange-traded product that tracks the spot price of Avalanche, according to a filing on Thursday. Nasdaq requested a rule change to list the AVAX ETF. While it is not known whether the application to the SEC will be approved, Nasdaq’s execution of the process drew attention. Nasdaq’s 19b-4 filing is just one in a series of filings to the pro-crypto SEC. Spot ETF applications have been filed for XRP, DOGE, SOL, ADA and many other altcoins. ETF experts think that altcoin ETFs will be available to US citizens in the near future.
Case of the Week: US and China Face Off
US President Donald Trump announced that tariffs imposed on European countries will be postponed for 90 days. This announcement caused volatility in global markets. Trump concluded his remarks by announcing that the tariffs imposed on China had been raised to 125 percent. China, on the other hand, announced that it did not bow to Trump’s statements and would not hesitate to take counter moves. China announced that it would impose a 125 percent counter tariff on the US. The trade war between the two countries attracted attention as the headline event of the week. It remains unclear whether this war will subside next week.
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