The crypto markets are showing recovery on Tuesday, April 8, after a volatile day on Monday. Bitcoin (BTC), the world’s most popular and largest cryptocurrency by market capitalisation, traded higher by nearly 3.77 per cent, at around $80,251.25, with a market cap of $1.59 trillion and a trading volume of $85.55 billion, around 10:20 AM on Tuesday, April 8, 2025.
Bitcoin has traded in the range of $74,436.68 to $81,119.06 in the last 24 hours, according to data from CoinMarketCap.
Notably, the flagship cryptocurrency, earlier experienced heightened volatility, dropping below $75,000 before recovering to $80,000. This resulted in nearly $1 billion worth of liquidations, primarily from long positions.
Bitcoin’s intraday drop to $74,436, followed by a rebound above $80,000, Riya Sehgal, research analyst at Delta Exchange, said, highlights the elevated volatility environment, further evidenced by the spike in implied volatilities, now at 85 for Bitcoin and 130 for Ethereum (ETH). This signals growing investor urgency to hedge downside risk amid macro uncertainty.
Institutional sentiment, Sehgal believes, appears to be shifting as well, with US-listed spot Bitcoin ETFs recording $172.89 million in net outflows, the first notable reversal after a strong inflow streak, largely led by GBTC.
However, the broader financial markets, including the US equity sector, which has declined over 17 per cent since mid-February, are showing early signs of stabilisation. The upcoming US CPI data on April 10 will be pivotal for the markets.
“A dovish Fed pivot could revitalise institutional appetite for crypto exposure. On the flip side, continued regulatory headwinds or a hawkish stance may extend the current correction phase. For now, the market remains in a wait-and-watch mode, with volatility offering both risk and opportunity,” Sehgal said.
Meanwhile, Alankar Saxena, co-founder and CTO of Mudrex, believes that softer-than-expected inflation data could trigger a trend reversal across markets. “Currently trading at $80,700, Bitcoin faces the next resistance at $84,000, with support remaining at $75,900,” Saxena said.
“As global markets adjust to prolonged trade fragmentation and reciprocal tariffs, Bitcoin’s role as a safe-haven asset could become more prominent, adding to its upward momentum,” Saxena added.
Meanwhile, Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, which was among the worst performers on Monday, has shown some recovery and is holding above $1,500. It was quoted trading at around $1,592.69, higher by 3.22 per cent.
Buying was seen among other cryptocurrencies as well, with Solana (SOL) leading the charge, trading higher by 8.72 per cent. This was followed by Ripple (XRP), which saw a 6 per cent rise, and Binance Coin (BNB), which experienced a 3 per cent increase.
Meanwhile, the US Dollar-linked stablecoin Tether traded at $0.9996, showing marginal gains of 0.02 per cent.
