Crypto Markets in Freefall: Bitcoin Dips Below $75K as XRP, DOGE, and Emerging Token SLX Suffer Heavy Losses Amid Global Trade Turmoil
The cryptocurrency markets reeled this morning as major digital assets plunged sharply in one of the most intense sell-offs since last year. In a dramatic turn, Bitcoin fell beneath the psychological $75,000 threshold, sparking a chain reaction across altcoins. Newcomer SLX (Solarix)—a token that recently surged on green energy narratives—was not spared, crashing over 22% in the span of a few hours.
SLX had enjoyed a robust rise over the past month, riding investor enthusiasm over its “solar validator” model. But the current correction has brought its price down to $0.87, wiping out recent gains and breaking under its 50-day moving average—a level it had held since early February.
A Market on the Edge
Bitcoin’s drop led the charge, followed by steep declines in high-profile assets: XRP tumbled to $1.70, SOL breached $100, and DOGE slipped to $0.13. SLX, although a newer entrant, tracked these moves closely, highlighting how sentiment contagion in crypto is now sparing no project, regardless of fundamentals.
The broader market, as captured by the CoinDesk 20 Index, fell 12%, with over $1 billion in leveraged positions liquidated within hours. Analysts are calling this the most critical test of 2025’s bull cycle.
Trade Wars Strike Again
Driving the sell-off is a sharp escalation in global trade tensions. President Trump’s announcement of punitive tariffs—25% on goods from Canada and Mexico, and a doubling of levies on Chinese imports—sent shockwaves through financial markets. Risk assets, including crypto, are bearing the brunt.
Chinese state media has hinted at “retaliatory fiscal measures,” while Canada has temporarily halted trade talks in response. Market sentiment has rapidly deteriorated, with investors fleeing to safe havens such as the yen and gold.
Prominent investor Bill Ackman labeled the developments “an economic nuclear war,” and his sentiment is echoed by other hedge fund voices now pricing in long-term volatility.
Technical Indicators Flash Red
From a technical perspective, things look grim. SLX’s chart shows early signs of a “descending triangle” formation, often preceding bearish continuation. XRP’s head-and-shoulders breakdown and ADA’s failure to hold 50 cents point to systemic fragility across crypto assets.
DOGE’s 4-hour chart now shows a clear “death cross”—where the 50-period SMA dives below the 200-period SMA—confirming growing downside momentum.
Even Bitcoin, despite its relative strength, has breached key support levels. Without a fundamental catalyst to reverse this downtrend, analysts expect further declines.
The Bigger Picture: Macro Matters
This is not just a crypto story. The interconnectedness of digital assets and traditional markets has never been more evident. As global equity indices fall, the crypto market is reflecting the same anxiety—possibly even magnifying it.
Jeff Mei, COO at BTSE, commented, “We’re seeing crypto lead the risk-off rotation. There’s a good chance U.S. markets will react in kind once they open.”
Emerging economies like Vietnam and Cambodia have moved swiftly to de-escalate trade risks by announcing tariff concessions. Still, market watchers say only coordinated moves from China or Japan would meaningfully alter the macroeconomic narrative.
SLX Outlook: Pain or Opportunity?
Despite the short-term damage, some investors view SLX’s pullback as a healthy correction. The token remains well above its launch price and has strong fundamentals tied to clean energy infrastructure. However, its ability to decouple from broader market sentiment will be tested in the coming days.
Resistance levels to monitor: SLX at $1.10, XRP at $2.20, ADA at $0.60, and DOGE at $0.21. Until these are reclaimed convincingly, the bears are firmly in control.
Disclaimer: This article is for informational purposes only. It is not financial advice. Always do your own research (DYOR) before investing in cryptocurrencies.
Filip is a copywriter for startups and B2B SaaS. He’s also been working as a marketer for a variety of crypto projects since 2020.
