The cryptocurrency market faced a downturn on Monday, March 10, with Bitcoin and Ethereum leading the slump. The world’s largest cryptocurrency dropped nearly 5%, touching an intraday low of $80,052 before recovering to $82,731.3. Meanwhile, Ethereum recovered to $2,068 after dipping 8% to as low as $1,991.Traders around the world are reassessing the impact of global trade tensions and US President Donald Trump’s Bitcoin Reserve Order on the market. The reserve will be funded with Bitcoin which the US government already owns, which was taken from criminal or civil cases. The government will not sell any of the Bitcoin added to this reserve.
The order also allows the Treasury and Commerce departments to find ways to add more Bitcoin without increasing costs for taxpayers. Additionally, the same order creates another reserve for digital assets other than Bitcoin.
Macroeconomic Pressures Weigh on CryptoThe market turmoil comes amid concerns over macroeconomic factors. Friday’s U.S. non-farm payrolls (NFP) report hinted at the Federal Reserve’s potential hawkish stance, which could further tighten financial conditions. Additionally, former President Donald Trump’s recent tariff policies have fueled uncertainty across risk assets, compounding market stress.
The order also allows the Treasury and Commerce departments to find ways to add more Bitcoin without increasing costs for taxpayers. Additionally, the same order creates another reserve for digital assets other than Bitcoin.
Macroeconomic Pressures Weigh on CryptoThe market turmoil comes amid concerns over macroeconomic factors. Friday’s U.S. non-farm payrolls (NFP) report hinted at the Federal Reserve’s potential hawkish stance, which could further tighten financial conditions. Additionally, former President Donald Trump’s recent tariff policies have fueled uncertainty across risk assets, compounding market stress.
Altcoins Also Take a Hit
Major altcoins, including Solana (SOL) and Dogecoin, also recorded losses. Solana and Dogecoin fell over 7% and 8%, respectively. Shiba Inu also fell 2%. XRP also fell 8%.
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