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CoinDesk 2025-03-09 23:20:56

Sunday Blues for Bitcoin as It Tumbles Back to $80K

lt's yet another Sunday selloff in crypto, with bitcoin (BTC) looking set to retest its 2025 low of just about $78,000. At just past 7:00 pm ET, bitcoin had slumped to exactly $80,000, down 7% over the past 24 hours. The world's largest crypto did manage the most modest of bounces from there, trading at $80,700 at press time. Ether (ETH), solana (SOL) and XRP (XRP) were lower by similar amounts, while cardano (ADA) and dogecoin (DOGE) had plunged closer to 12%. "There could be a little disruption," said U.S. President Donald Trump in a Fox News appearance on Sunday when asked about the impact of his tariff and budget-cutting policies. "If you look at China, they have a 100-year perspective … we go by quarters," he continued. "What we’re doing is building a foundation for the future." Trump's comments were dubbed "Volckering" by some on social media — a reference to former Federal Reserve Chairman Paul Volcker. Shortly after being appointed to the position by Jimmy Carter in 1979, Volcker moved to break the back of a decade-long inflation by jacking up short term rates to unheard of levels, knowing that by doing so, the U.S. would surely have to experience a brutal recession. By the time Volcker had finished tightening policy roughly 18 months later, the Fed funds rate had hit 20% and the economy indeed had gone through a difficult contraction. Inflation, however, was broken and the stage was set for growth throughout most of the following decade. In early Sunday evening action, U.S. stock index futures were lower by about 0.85% across the board.