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The crypto market hemorrhaged more than $287 billion in value in 24 hours as fears of a 1987-style “Black Monday” stock market crash gripped traders following sweeping trade tariffs introduced by Donald Trump last week.
Bitcoin slumped below the key $80K support level after an almost 9% dump to trade at $75,533 at 4:10 a.m. EST. Ethereum fared even worse, crashing 18% to trade at $1,465.
Overall, the crypto market cap sank 10.7% to a market capitalization of $2.37 trillion, according to CoinMarketCap.
Meme coins led the declines, with all the top 10 tokens posting steep losses and the sector overall plunging almost 19%.
Asian Markets Plummet, Goldman Sachs Hikes US Recession Odds
Hong Kong’s Hang Seng Index plunged 13.7%, while Japan’s Nikkei 225 Index lost 7.8%.
Goldman Sachs raised the odds it puts on a US recession to 45%, from 35% previously, and said that in a recession scenario it expects the Federal Reserve to slash benchmark interest rates by 200 basis points in the next year.
Other analysts have noted that slashing interest rates may prove complicated if, as is widely expected, Trump’s tariffs cause inflation to spike.
CNBC’s Jim Cramer Warns Of Black Monday 2.0
The crypto crash comes as market commentator and host of CNBC’s “Mad Money” show Jim Cramer said the market would experience its worst one-day drop since 1987’s “Black Monday.”
Back then, the Dow Jones Industrial Average fell by 22.6 percent in a single day.
JUST IN: Jim Cramer is warning of a “Black Monday” style market crash on Monday.
That means one thing and one thing only — It’s time for Americans to “Buy! Buy! Buy!”pic.twitter.com/9YHn1rE3vL
— Kyle Becker (@kylenabecker) April 5, 2025
Cramer believes that history could repeat itself today due to the trade tariffs imposed by Trump. He added that the situation may even worsen if the US President does not reach out to the countries that have not imposed retaliatory tariffs.
Crypto investors share the same negative outlook. The Crypto Fear and Greed Index, which gauges sentiment in the digital asset space, has plummeted to 23, signaling “Extreme Fear” in the market.
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