On March 10, Bitcoin prices fell to $80,052, reflecting a 7% decline over the past 24 hours as uncertainty surrounding Trump's economic policies continues to affect the market. At the time of writing, Bitcoin is trading for around $82,200.
The cryptocurrency market fell 7% to a valuation of $2.77 trillion, according to the price tracker at crypto.news. Solana (Sol) and XRP (XRP) each recorded a loss of 7%, while Ethereum (ETH) fell 8%, trading nearly $2,000. Bitcoin (BTC) domination at 58.2% remains stable despite the decline. Bitcoin is trading at the $82,200 level at the time of this writing.
Market slump over the past 24 hours has resulted in a liquidation of $616 million, with the long position suffering a loss of $54049 million, according to Coinglass data. The loss from Bitcoin alone was $231 million.
In addition to uncertainty, Chicago Mercantile Exchange's Bitcoin futures opened at $82,110 on March 10, falling $4,320 from the end of $86,430 the day before. After a record $10,350 drop on March 3rd, this was the second-largest one-day plunge in CME futures this month.
The market slump was caused by an increase in market uncertainty after President Donald Trump admitted in a March 9 interview with Fox News that his economic policies would cause temporary economic distress. His remarks on budget cuts and trade tariffs have caused concerns about possible market volatility, which has led investors to be cautious about investing in cryptocurrencies and other financial markets.
Some investors have compared the harsh anti-inflammatory policies of former Federal Reserve Chairman Paul Volker in the 1980s with the potential for economic disruption. Volcker's measures stabilized inflation and promoted long-term growth, but initially caused market instability.
Bitmex co-founder Arthur Hayes warns that Bitcoin could be low and that it could even retest $78,000. He pointed out that many Bitcoin options cost between $70,000 and $75,000, so prices can cause additional volatility when they enter the area.
Traders are watching key economic reports this week, including the March 12th U.S. Consumer Price Index and the March 13th Producer Price Index. These events could determine the next move for Bitcoin.
