A wave of sell-offs has gripped the cryptocurrency market, sending prices into a sharp decline as macroeconomic uncertainty spooked traders on March 10. The downturn follows recent comments from U.S. President Donald Trump and broader concerns over global trade tensions, leading investors to shift away from risk assets like cryptocurrencies.
Trump’s Comments and Market Volatility
In a March 8 interview with Fox News, Trump acknowledged that his economic policies could bring “temporary economic pain.” His dovish stance on budget cuts and trade tariffs raised concerns about increased market volatility, prompting a sell-off in crypto markets and other risk assets.
Bitcoin (BTC) has fallen 10% over the past week, wiping out most of its recent gains. Currently trading at $82,574, Bitcoin is down nearly 4% in the last 24 hours and is approaching its 2025 low of $78,000. The broader crypto market has shed 7%, bringing its total valuation down to $2.8 trillion.
Altcoins and Liquidations Add to the Decline
The downturn has hit altcoins particularly hard:
- Solana (SOL) fell 8%
- XRP (XRP) dropped 6%
- Ethereum (ETH) declined 5%, struggling to stay above $2,000
- Cardano (ADA) and Dogecoin (DOGE) saw steeper declines of nearly 8% and 9%, respectively
The crash also triggered mass liquidations across the market. In the last 24 hours, $620 million worth of leveraged positions were wiped out, with $527 million of those coming from long positions. Bitcoin alone accounted for $241 million in losses, underscoring the fragility of the market’s leveraged trading environment.
Broader Market Sell-Off and Global Economic Concerns
The crypto market crash coincides with losses in major U.S. tech stocks, further reflecting investor unease. Over the past five days:
- Nvidia (NVDA) has dropped 8.7%
- Tesla (TSLA) has plunged 12.5%
- Meta (META) has declined 7.17%
- The S&P 500 has fallen 3.3%
Bitcoin futures on the Chicago Mercantile Exchange (CME) also saw a steep decline, opening at $82,110 on March 10—down $4,320 from the previous day’s close. This marks the second-largest single-day decline in CME Bitcoin futures this month.
Trade War Escalation and Bitcoin Reserve Disappointment
Adding to market woes, U.S.-China trade tensions have intensified. China recently announced retaliatory tariffs on U.S. agricultural products, set to take effect on March 10, further fueling concerns about global economic instability.
Additionally, Trump’s Bitcoin reserve announcement last week failed to meet market expectations. While some traders had anticipated the U.S. government would begin direct Bitcoin purchases, the executive order instead focused on using seized BTC. The lack of new institutional buying pressure disappointed investors, contributing to the ongoing sell-off.
What’s Next for the Crypto Market?
Traders are now closely watching key economic data releases later this week, including:
- U.S. Consumer Price Index (CPI) – March 12
- Producer Price Index (PPI) – March 13
These reports could influence the Federal Reserve’s stance on interest rates, further shaping Bitcoin’s short-term trajectory.
BitMEX co-founder Arthur Hayes has warned that Bitcoin could correct to multi-month lows of $76,000. Meanwhile, crypto trader Captain Faibik noted that BTC is currently stuck in an ascending wedge pattern. If Bitcoin breaks above this formation, he predicts a rally toward $120,000. However, if it drops below the wedge’s lower boundary, he cautions that Bitcoin could slide further to $50,000–$55,000 in the midterm.
With macroeconomic uncertainty persisting, the crypto market remains volatile, and traders will be closely monitoring upcoming economic events and technical indicators for signs of stability or further declines.
