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Invezz 2025-03-10 06:37:07

Crypto market tumbles: Bitcoin drops to $80K, altcoins sink amid liquidation frenzy

The cryptocurrency market faced a sharp sell-off on Monday, with Bitcoin plunging to an intraday low of $80,000 and Ethereum shedding nearly 6%. The downturn comes despite recent pro-crypto developments in the US, including Donald Trump’s announcement of a strategic Bitcoin reserve . Investors remain on edge as major altcoins like Solana (SOL) and XRP also posted significant losses, signaling heightened market volatility. The global crypto market cap slipped 4.83% in the last 24 hours to $2.69 trillion, with over $600 million liquidated , according to Coinglass data. Bitcoin alone saw more than $1 billion in long positions wiped out, reflecting deep market uncertainty. Analysts point to macroeconomic factors, including the latest non-farm payrolls (NFP) report, which suggests the Federal Reserve may maintain a hawkish stance. Additionally, trade tensions stemming from Trump’s tariff policies have added further pressure on risk assets. Source: CoinMarketCap Bitcoin dips to $80K amid volatility Bitcoin (BTC) lost nearly 5% and was trading at $82,179 at press time after hitting a low of $80,052.49. The leading cryptocurrency retreated from its recent peak of $86,146.15, with $237.6 million in BTC liquidations recorded intraday. However, Bitcoin’s dominance increased slightly by 0.03%, highlighting increased volatility in altcoins. Ethereum (ETH) fell 6% over the past 24 hours, trading at $2,060 after bouncing between an intraday low of $1,991.19 and a peak of $2,194.89. The second-largest cryptocurrency witnessed $107.56 million in liquidations, with its market dominance settling at 9.2%. Altcoins slump: Solana, XRP, and meme coins take a hit XRP dropped nearly 6%, trading at $2.18 after touching a low of $2.09. Despite limited liquidations of $30.34 million, XRP remains under selling pressure. Solana (SOL) plunged 8% to $127.57, with an intraday range between $124.38 and $139.73. SOL recorded $26.6 million in liquidations. Dogecoin (DOGE) declined 10% to $0.1725, while Shiba Inu (SHIB) lost 4%, trading at $0.00001208. Other meme coins like Pepe (PEPE) and TRUMP plummeted over 9%, reflecting the broader market downtrend. Top gainers and losers of the day Despite the sell-off, a few tokens managed to stay in the green: Story (IP): +9% ($5.23) UNUS SED LEO (LEO): +0.5% ($9.83) Biggest losers of the day JasmyCoin (JASMY): -15% ($0.01363) Injective (INJ): -13% ($9.66) Render (RENDER): -12% ($3.05) While the US government reassured investors that it would not sell the 200,000 Bitcoin seized from Silk Road, concerns over macroeconomic factors and continued volatility remain. Some analysts see whale accumulation as a sign of confidence, but uncertainty looms as crypto markets brace for further swings. The post Crypto market tumbles: Bitcoin drops to $80K, altcoins sink amid liquidation frenzy appeared first on Invezz

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