Crypto Market Plunges: Bitcoin Dips Below $75,000 Amid Global Economic Jitters

On Monday, the cryptocurrency market experienced a severe sell-off, with Bitcoin dropping below $75,000 during European morning hours. This decline extended losses on major tokens to nearly 20%. XRP, Solana (SOL), and Dogecoin (DOGE) each plunged over 5%, erasing billions in market capitalization. The CoinDesk 20 (CD20) index, tracking the largest tokens, slumped 12%, signaling widespread risk-off sentiment. XRP fell below its 200-day moving average at $1.70, while SOL breached its 50-day moving average, dropping under $100, marking a 64% retreat from its all-time high. DOGE tumbled 20% to $0.13. The market turmoil is attributed to macroeconomic uncertainties and aggressive liquidations, exacerbated by President Trump's recent tariff measures, prompting investors to seek safe havens like gold and the Japanese yen. Analysts anticipate continued market decline through the Asian day ahead of the U.S. open.