The cryptocurrency market faced another day of broad selling pressure on April 12-13, 2026, with the total market capitalization falling below $2.5 trillion. The decline was primarily driven by macroeconomic anxieties and geopolitical developments, rather than coin-specific factors.
The primary catalyst was renewed tariff anxiety. The White House announced an additional 10% ad valorem duty on imports from all trading partners, effective April 5, with country-specific rates starting April 9. This policy shock had already triggered a significant market reaction earlier in the week, with Bitcoin falling over 6% and Ether dropping more than 12% in a prior window. By April 12, the total crypto market cap was down 1.72% in less than 24 hours according to initial reports, a slide that deepened to a verified 2.51% drop to approximately $2.49 trillion as per CoinGecko data.
Bitcoin led the downturn, trading at $70,899 with a 24-hour change of -3.00%, underperforming the broader market. Its market cap stood at about $1.42 trillion. The gap between Bitcoin's steeper decline and the total market's drop suggested broad-based selling pressure, not a rotation into the market leader.
Geopolitical tensions added to the negative sentiment. Bitcoin's price slipped further to $70,500 on April 13 after U.S. Vice President JD Vance announced failed negotiations between the U.S. and Iran regarding a ceasefire. Additional pressure came from former President Trump's comments on the failed talks and threats of 50% tariffs against countries providing weapons to Iran.
Market sentiment reflected extreme fear, with the Fear and Greed Index reading at 16. This environment saw traders quick to punish negative news, with $115 million in positions liquidated across the market in just 60 minutes.
Amid the widespread decline, RaveDAO's RAVE token was a stark outlier, skyrocketing by an astonishing 3,600% over the week to reach a new all-time high near $10. This performance defied the overall market trend, propelling RAVE into the top 50 altcoins by market cap.
