Top reasons why Bitcoin and the crypto market are going down today (April 20)

Bitcoin and the broader crypto market fell sharply on April 20 as rising US–Iran geopolitical tensions, a suspected manipulated RaveDAO collapse, and a surge in DeFi hacks sparked panic selling and deleveraging. BTC slipped below $75,000 amid a bearish-flag pattern on the 3-day chart, while total crypto market capitalization fell to about $2.4 trillion. The Kelp exploit (~$296M) and a broader jump in DeFi hacks (> $600M this month) prompted massive outflows and heavy selling pressure on lending platforms — notably Aave, whose TVL plunged and whose collateral losses risk forced liquidations. Analysts suggest short BTC perpetuals and short/sell Aave exposure as tactical trades amid elevated volatility and tail-risk from geopolitical escalation.