Crypto On April 7: Market Turns Red As Bitcoin, Ether Plunge; Stablecoins Slightly Up

The cryptocurrency market turned red Thursday as top coins including Bitcoin and Ethereum fell sharply amid hawkish commentary from the Federal Reserve and the ongoing geopolitical tensions. Stablecoins Tether and USDT, on the other hand. rose slightly.

The global market cap was down 4.56% to $2 trillion as of 3.02 a.m. ET, CoinMarketCap data showed.

Bitcoin fell 4.5% to $43,423. Ethereum plunged 4.58% to $3,215.

Indian crypto exchange WazirX noted that Ethereum continues to remain fairly strong against Bitcoin although the Bitcoin dominance index climbed over the 42% level after being under for almost a week.

"Ethereum’s latest update is about to be rolled out where it would transition into the proof-of-stake(PoS) mechanism. This update will not only bring about an upgrade to the infrastructure but also be a greener solution where miners will consume less energy," the WazirX trade desk told International Business Times.

It further noted that the taxation in India has affected trading volumes. "The trading volumes on Indian exchanges have reduced considerably as the new crypto tax law became effective since 1st of April," the WazirX trade desk said.

Barring a slight uptick in Tether and USD coin, all other top 10 cryptos traded in the red. Meme cryptos too slid.

In other news, cryptocurrency-cash exchange Coinme said its cash-to-Bitcoin network has expanded 185% year-over-year, covering nearly 90% of the U.S. population who now live within 5 miles of a Coinme-enabled kiosk. The exchange said Wednesday that it has more than 21,000 locations nationwide.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.