On Mar. 10, Bitcoin’s price dropped to $80,052, reflecting a 7% decline over the past 24 hours, as uncertainty surrounding Trump’s economic policies continues to impact the market. As of this writing, Bitcoin is trading at around $82,200.
According to crypto.news price tracker, the overall cryptocurrency market saw a 7% decline, reaching a valuation of $2.77 trillion. While Solana (SOL) and XRP (XRP) registered 7% losses each, Ethereum (ETH) fell 8% to trade close to $2,000. Bitcoin’s (BTC) dominance, at 58.2%, has remained steady despite the decline. Bitcoin trades at $82,200 levels as of this writing.
Over the last 24 hours, the market downturn has led to $616 million in liquidations, according to Coinglass data, with long positions bearing the brunt of the losses at $540.49 million. The losses from Bitcoin alone totaled $231 million.
Adding to the uncertainty, Bitcoin futures on the Chicago Mercantile Exchange opened at $82,110 on Mar. 10, down $4,320 from a close of $86,430 the previous day. After a record $10,350 decrease on Mar. 3, this was the second-largest single-day plunge on CME futures this month.
The market downturn was caused by growing market uncertainty after U.S. President Donald Trump admitted in a Mar. 9 Fox News interview that his economic policies would bring temporary economic pain. His remarks regarding budget cuts and trade tariffs sparked worries about possible market volatility, which made investors cautious about investing in cryptocurrency and other financial markets.
Some investors have compared the potential for economic disruptions to the harsh anti-inflation policies of former Federal Reserve Chairman Paul Volcker in the 1980s. While Volcker’s measures stabilized inflation and spurred long-term growth, they initially caused a significant market instability.
BitMEX co-founder Arthur Hayes has cautioned that Bitcoin might fall lower, even retesting $78,000. He pointed out that many Bitcoin options are priced between $70,000 and $75,000, which may cause additional volatility if prices go into that region.
Traders are now watching key economic reports this week, including the U.S. Consumer Price Index on Mar. 12 and the Producer Price Index on Mar. 13. These events could dictate Bitcoin’s next move.
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