A wave of sell-offs has gripped the crypto market, dragging prices lower as macroeconomic uncertainty spooked traders on March 10.
The downturn followed comments from U.S. President Donald Trump in a March 8 Fox News interview, where he acknowledged that his economic policies could result in temporary economic pain.
His dovish statements on budget cuts and trade tariffs raised concerns about increased market volatility, prompting investors to move away from risk assets like cryptocurrencies.
Bitcoin (BTC) has fallen 10% over the past week, erasing most of its recent gains. It is currently trading at $82,574, down nearly 4% in the last 24 hours, approaching its 2025 low of $78,000. The broader crypto market declined 7%, bringing its total valuation to $2.8 trillion.
Altcoins also suffered significant losses. Over the past 24 hours, Solana (SOL) dropped 8%, XRP (XRP) declined 6%, and Ethereum (ETH) fell 5%, struggling to stay above $2,000. Cardano (ADA) and Dogecoin (DOGE) declined by nearly 8% and 9%, respectively.
The market slump triggered $620 million in liquidations, with long positions bearing the brunt at $527 million. Bitcoin alone accounted for $241 million in losses.
Major U.S. tech stocks have also suffered significant losses. Over the past five days, Nvidia (NVDA) dropped 8.7%, Tesla (TSLA) plunged 12.5%, and Meta (META) declined 7.17%. The S&P 500 fell 3.3% as of Monday morning, reflecting broader investor concerns.
Meanwhile, Bitcoin futures on the Chicago Mercantile Exchange opened at $82,110 on March 10, down $4,320 from the previous day’s close of $86,430, marking the second-largest single-day decline in CME Bitcoin futures this month.
Trump’s remarks came ahead of rising trade tensions between the U.S. and China, with Beijing set to impose new tariffs on U.S. agricultural goods in response to the latest round of U.S. import hikes.
On March 4, 2025, China announced retaliatory tariffs on U.S. agricultural products set to take effect on March 10. With the implementation now underway, fears of escalating trade tensions have further weighed on investor sentiment.
Further, Trump’s Bitcoin reserve announcement last week fell short of expectations. The absence of direct buying provisions disappointed traders who had anticipated stronger institutional support.
What’s next?
Currently, traders are watching key economic data this week, including the U.S. Consumer Price Index on March 12 and the Producer Price Index on March 13, which could influence the market’s short-term trajectory.
As previously reported by crypto.news, BitMEX co-founder Arthur Hayes believes Bitcoin could correct to multi-month lows of $76,000.
Recently, trader Captain Faibik pointed out that Bitcoin’s price is stuck in an ascending wedge pattern. If it breaks above this formation, it could rally to $120K. However, if it drops below the pattern’s lower boundary, he warned that Bitcoin could slide further to $50K–$55K in the midterm.
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