Uk Jin

According to the Token Mindshare (a metric quantifying the influence of specific tokens in the cryptocurrency market) top gainer of the AI-based Web3 search platform Kaito, the top 5 cryptocurrency-related keywords currently attracting the most attention as of the 7th are Ethereum (ETH), Bitcoin (BTC), Tether (USDT), Solana (SOL), and XRP (XRP). Ethereum, the leading altcoin, took the first place. This is due to the significant decline in Ethereum's price today, which has amplified investors' concerns. As of 12:40 PM today, Ethereum is trading at $1,549, a sharp drop of 14.03% compared to the previous day according to CoinMarketCap. It is the first time in about two years since 2023 that Ethereum has fallen below the $1,600 mark. Bitcoin, the leading cryptocurrency, ranked second. Bitcoin also recorded a decline today. Notably, Bitcoin failed to maintain its status as a safe asset amid macroeconomic uncertainties caused by President Donald Trump's tariff policies. At the same time, Bitcoin is trading at $77,398, down 6.97% from the previous day. Tether, a stablecoin, took the third place. It is speculated that many investors swapped their holdings into Tether amid the declining cryptocurrency market. Solana and XRP, which took the fourth and fifth places respectively, also recorded significant declines today, securing their positions in the rankings. At the same time, Solana and XRP are trading at $102.71 and $1.80, down 14.13% and 14.95% from the previous day, respectively. In addition, investors are also showing interest in Binance Coin (BNB), Linea (LINEA), CoinMarketCap, USDC, and OfficialTrump (TRUMP).

As Asian stock markets and the cryptocurrency market simultaneously plummeted, there is an opinion that selling demand in the current market has surged. According to The Block, a cryptocurrency specialist media, on the 7th (Korean time), Seokmoon Jeong, head of the Presto Research Center, said, "There is growing caution about the speed and scope of the tariffs announced on the 2nd," and "This has led to a 'sell now, think later' mentality dominating risky assets, including Bitcoin (BTC)." As of 12:19 PM on this day, Bitcoin is recording a 5.95% drop to $78,379 compared to the previous day. In addition, traditional financial markets such as KOSPI (-4.61%), Hang Seng Index (-9.51%), Shanghai Composite (-5.78%), and Nikkei Index (-6.48%) are also on a downward trend. Jeong predicted that this downward trend depends on ▲ global countermeasures, ▲ the consistency of the Donald Trump administration, and ▲ the response of the Federal Reserve (Fed).

Japan's MetaPlanet, which has incorporated Bitcoin (BTC) as a financial asset, has expressed its continued trust in Bitcoin. On the 7th (local time), Simon Gerovich, CEO of MetaPlanet, stated on X (formerly Twitter), "There are many concerns about the price on days when Bitcoin falls," but also said, "Rather, this is a time to test faith in Bitcoin." He added, "Volatility is a really rare occurrence," and "a natural part of an asset with long-term potential."

Asian financial markets and the virtual asset (cryptocurrency) market are both showing weakness due to President Donald Trump's tariff policy. On the 7th (Korean time), Bloomberg News reported that the virtual asset market is plummeting with the start of the Asian financial markets. As of 10:11 AM on this day, Bitcoin (BTC) is recording a 5.80% drop compared to the previous day, standing at $78,675. In addition, Ethereum (-12.56%), XRP (-10.82%), and Solana (-12.75%) also showed weakness. Bloomberg News evaluated this by stating, "Despite President Trump's tariff policy, digital assets showed some resistance unlike U.S. stocks, but eventually fell significantly due to the selling pressure today." Cosmo Zhang, General Partner at Pantera, explained, "The current downtrend is driven by macroeconomic factors," adding, "It's not due to deeper economic issues but a phenomenon caused by tariffs." Sean McNulty, Head of Asia-Pacific at FalconX, stated, "The pressure from put options is strong," and added, "Bitcoin selling may continue."

The ETH/BTC indicator, which represents the relative value of Ethereum (ETH) compared to Bitcoin (BTC), has hit a record low. According to TradingView on the 7th, ETH/BTC is recorded at 0.02027. The indicator once hit 0.0197 during the day, marking an all-time low. It is explained that the value of Ethereum compared to Bitcoin continues to show a downward trend in the bear market.

According to Alternative, a cryptocurrency data provider, the Crypto Fear & Greed Index recorded 23 points, down 11 points from the previous day. As of 9:00 AM, Bitcoin is trading at $78,337 on CoinMarketCap, down 6.18% from the previous day. Altcoins experienced a larger decline. At the same time, Ethereum (ETH) and XRP fell by 12.55% and 10.08%, respectively. Additionally, Binance Coin (-6.45%), Solana (-12.43%), Dogecoin (-11.81%), and Ada (-12.46%) also plummeted. The Fear & Greed Index is an indicator of market sentiment, with values closer to 0 indicating extreme fear and values closer to 100 indicating extreme greed. This index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin dominance (10%), and Google Trends (10%).

As Bitcoin (BTC) has fallen below the $80,000 mark, the South American country of El Salvador is drawing attention. This is because it continues to purchase Bitcoin regardless of its price direction. According to Arkham, as of 8:18 AM on the 7th (KST), El Salvador purchased 1 Bitcoin 8 hours ago. This brings El Salvador's total Bitcoin holdings to 6,139. The current value is approximately $478.34 million. El Salvador was the first country in the world to adopt Bitcoin as legal tender in 2021. Additionally, the El Salvadoran government is currently accumulating Bitcoin using the national budget, calling it the 'Strategic Bitcoin Reserve' (SBR). Notably, since November 18, 2022, they have been implementing a policy of purchasing 1 Bitcoin per day.

Prominent cryptocurrency critic Peter Schiff reacted to the downtrend of Bitcoin (BTC). He posted a mocking message to Michael Saylor, CEO of MicroStrategy (formerly MicroStrategy). On the 6th (local time), Peter Schiff took to X (formerly Twitter) to target CEO Michael Saylor, saying, "Mr. Saylor, since Bitcoin has fallen below $80,000, hurry up and buy more to prevent it from falling below Strategy's average price." He added, "Strategy will eventually go bankrupt." Schiff's remarks stem from Bitcoin's failure to defend its value amid macroeconomic uncertainty, despite its nickname as 'digital gold.' Schiff questioned, "Bitcoin is promoted as a safe haven or store of value, but it is not protecting any value at all," and expressed doubt about what value it provides to investors. Meanwhile, as of 7:40 AM on the 7th (Korean time), Bitcoin is trading at $78,788, a sharp drop of 5.07% from the previous day according to CoinMarketCap.

The leading altcoin, Ethereum (ETH), is experiencing a significant decline. As of 7:24 AM on the 7th (KST), according to the cryptocurrency market website CoinMarketCap, Ethereum has plummeted by 11.17% compared to the previous day, recording $1,592. This marks a 52-week low, with Ethereum having dropped a staggering 52.53% over the past year. This has sparked interest among investors regarding the remarks made by Eric Trump, the second son of President Donald Trump. On February 4th, Eric Trump stated on X (formerly Twitter) that it was a "good time to buy Ethereum." However, despite his remarks, Ethereum has fallen by about 46% from February 4th to the present. Investors are reacting with comments such as "Turn back time," and "Trump must have taken a hit (suffered a loss) too."

The aftermath of President Donald Trump's tariff policy is hitting the virtual asset (cryptocurrency) market. Most major virtual assets are recording significant declines, causing the total market capitalization of the virtual asset market to drop by 5.79% on this day. As of 6:20 a.m. (Korean time) on the 7th, the leading virtual asset Bitcoin (BTC) is recording $79,331, down 4.45% from the previous day. Bitcoin briefly fell below the $79,000 mark around 5 a.m. but has since partially recovered. Altcoins showed a much more pronounced decline. The leading altcoin Ethereum (ETH) plunged 10.78% during the day, falling below the 1600 mark, and others like XRP (-6.63%), Binance Coin (-6.02%), Solana (-9.59%), Dogecoin (-9.02%), TRON (-2.84%), and ADA (-10.25%) also fell sharply. The decline on this day is also analyzed as the aftermath of the tariff policy announced by President Trump last week. In particular, as key figures in the Trump administration expressed a tough stance on tariffs, investor sentiment seems to have worsened. On the 6th (local time), U.S. Treasury Secretary Scott Besant said in an NBC interview that "they have been behaving badly for a long time, and this is not an issue that can be negotiated in a few days or weeks," dashing investors' hopes for a tariff withdrawal. Commerce Secretary Howard Lutnick also emphasized in an interview on the same day that "the tariffs announced by President Trump are not just a trade issue," stating, "This is a national security issue to reset America's power." He stated, "This is a measure to regain economic leadership," and "the new tariffs will continue." Virtual asset specialist media CoinDesk evaluated that "the macroeconomic uncertainty caused by the Trump administration's tariff policy is leading to continued selling pressure from investors." In this situation, fears of 'Black Monday' are spreading among investors, centered around X (formerly Twitter). Black Monday refers to Monday, October 19, 1987, when the Dow Jones Index plummeted by 25%. Arthur Hayes, CEO of BitMEX, warned, "We should pay attention to the opening of the U.S. S&P 500 futures market," and "April 7 could be Bitcoin's Black Monday."

Meme coins, considered the riskiest assets in the virtual asset (cryptocurrency) market, are showing a bearish trend during the day. As of 5:36 PM on the 6th (Korean time), the leading meme coin, Dogecoin, is down 2.50% from the previous day, trading at $0.1645. It's not just Dogecoin. At the same time, other top meme coins by market capitalization, such as Shiba Inu (-1.77%), Pepe (-3.64%), Official Trump (-3.44%), Bonk (-2.73%), Floki (-3.68%), and Fartcoin (-6.48%), have all declined compared to the previous day. The factor attributed to the decline of these meme coins is the aggressive tariff policy of U.S. President Donald Trump. On the 2nd (local time), President Trump announced large-scale reciprocal tariffs, including a basic 10% tariff, targeting major trading partners. The aggressive tariff policy has increased macroeconomic uncertainty, leading to concerns about inflation expansion and a global economic downturn, which in turn has significantly dampened investment sentiment in risk assets.

According to the Token Mindshare of the AI-based Web3 search platform Kaito, which quantifies the influence of specific tokens in the virtual asset market, the top five keywords related to virtual assets that people are most interested in as of the 6th are AIXBT, Wayfinder, Bankalcoin, Sophon, and Kaito. AIXBT, an AI agent, took the first place. As the virtual asset market moved sideways this weekend, investors bombarded AIXBT with questions about tokens expected to rise next week, leading to a significant increase in mentions of AIXBT on X (formerly Twitter). Wayfinder took second place. This was due to grinders making numerous X postings to receive token allocations. Additionally, Jesse Pollak, the founder of Base, left a review after using Wayfinder, which amplified expectations for Wayfinder. Jesse Pollak said, "I created a quest using Wayfinder," and "I hope everyone participates, completes quests, and enjoys the rewards." The third place went to Bankalcoin, a DeFi AI agent. There has been an increase in mentions on X as more investors directly perform investment and remittance tasks through Bankal. Sophon attracted investors' attention by announcing an airdrop plan for node holders. Sophon announced on X, "We will airdrop Animix to node holders," and "8.25 billion MUP tokens have been allocated for this airdrop." Lastly, Kaito rose in rank as more investors engaged in yap farming (posting on Twitter to earn yap points) to receive tokens. Additionally, investors are also showing interest in Debt Relief Bot (DRB), Hyperliquid (HYPE), Ethereum (ETH), Open Ledger, and Berachain (BERA).