Crypto is lower again today as traders keep leaning risk-off after the tariff shock, and the market still looks like it is searching for a floor rather than a bounce.
A single source reported the total crypto market cap was down 1.72 per cent in less than 24 hours, according to unconfirmed reports. The broader public benchmarks checked for this draft suggested the slide had already deepened by the time Saturday’s data was pulled.
What Is Driving the Crypto Market Lower on April 12?
The macro trigger is clearer than the exact early percentage. The White House said an additional 10% ad valorem duty, effective April 5, with country-specific rates starting April 9, applies to imports from all trading partners, keeping tariff anxiety over risk assets from fading.
Crypto had already reacted hard to that policy shock before April 12 opened. Cointelegraph reported that Bitcoin fell more than 6%, Ether dropped more than 12%, and total crypto market capitalization slid more than 8% to $2.5 trillion during the earlier tariff-stress window, which gives today’s weakness a macro explanation rather than a coin-specific one.
The mood data still looks ugly. A Fear and Greed Index reading of 16, classified as Extreme Fear, fits a market where traders are quicker to punish bad news and more likely to focus on stress signals like $115M liquidated in 60 minutes across the crypto market instead of buying dips.
How Much Has the Total Crypto Market Cap Fallen?
CoinGecko’s public market snapshot put the total crypto market cap at about $2.49 trillion with a 24-hour change of -2.51%, which is the clearest public benchmark for April 12 and already below the unconfirmed early report.
Bitcoin was trading at $70,899 with a 24-hour change of -3.00%, a market cap of about $1.42 trillion, and volume near $29.7 billion, so the market’s largest asset was falling faster than the broad-cap benchmark instead of cushioning it.
A separate CoinMarketCap Pro pull in the research package pointed lower as well, which matters because two market-cap feeds moved in the same direction. The gap between CoinGecko’s -2.51% total-cap move and Bitcoin’s -3.00% drop also suggests this was broad selling pressure rather than a tidy rotation into the market leader.
What Traders and Investors Should Watch Next
The next check is whether the market can stabilize after slipping to roughly $2.49 trillion or whether follow-through selling pushes the aggregate cap lower again before the session resets. If that total-cap gauge keeps sliding while tariff nerves stay elevated, the macro trade is still in charge.
Bitcoin is the other obvious tell. If the coin that still carries roughly $1.42 trillion in market value cannot steady after trading near $70,899, traders will keep treating rebounds as relief rallies, and stories like SpaceX Holds 8,285 Bitcoin Despite $5B Loss: Report will stay relevant as balance-sheet conviction checks.
Sentiment itself is now part of the chart. With the Fear and Greed Index still at 16 in Extreme Fear, traders are also watching whether trust shocks and defensive headlines, including Ripple CEO Instagram Impersonation Scam Warning Reported, keep landing harder than they would in a calmer tape.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.