- Bitcoin’s price drops 4%, hitting $82K amid massive liquidations and uncertainty.
- Ethereum, Solana, and XRP decline sharply, with ETH losing over 5%.
- Meme coins crash as Dogecoin plummets 8.63%, mirroring broader market losses.
The cryptocurrency market sharply declined, with Bitcoin (BTC) dropping 4.02% to trade at $82,689.09 on March 10th, 2025. This comes despite last week’s announcement of a Strategic Bitcoin Reserve by former U.S. President Donald Trump, which initially sparked market optimism. However, broader economic concerns, including U.S.-Canada trade tensions and recession fears, have put downward pressure on digital assets.
Significant altcoins, including Ethereum (ETH), Solana (SOL), and XRP, followed BTC’s downtrend, with Dogecoin (DOGE) leading losses among meme coins.
Bitcoin’s Decline and Market Liquidations
Bitcoin’s price hit an intraday low of $80,052, down from its recent high of $86,146. Coinglass data reveals that $237.60 million was liquidated in BTC positions intraday, while total crypto liquidations exceeded $600 million. Additionally, Ali Martinez on X tweeted that market volatility has recently wiped out over $1 billion in BTC long positions.
Macroeconomic factors are adding to the uncertainty. The U.S. non-farm payrolls (NFP) report released last week hints at a potential hawkish Federal Reserve stance, increasing pressure on risk assets. Meanwhile, Trump’s tariff battle with Canada intensified following Mark Carney’s election as Canada’s Prime Minister. The Atlanta Federal Reserve’s GDPNow model has also revised its Q1 2025 GDP forecast downward to -2.4%, raising concerns about a potential recession.
Ethereum, Solana, and XRP Drop Amid Broader Sell-Off
Ethereum (ETH) is trading at $2,076.29, down 5.05%, with an intraday low of $1,991.19. Liquidations in ETH surpassed $107.56 million over the past 24 hours. XRP fell 6% to $2.1895, with a daily low of $2.09, while Solana (SOL) recorded the steepest losses, dropping 7.81% to $128.196.
Other significant altcoins also suffered, with Binance Coin (BNB) down 3.19% to $567.349 and Cardano (ADA) plummeting 8.35% to $0.745542. TRON (TRX) was one of the few gainers, rising 2.95% to $0.234863.
Meme Coins and Market Sentiment
Meme coins were hit hard, with Dogecoin (DOGE) plunging 8.63% to $0.174399, while Shiba Inu (SHIB) dropped 4%. Pepe Coin (PEPE) and TRUMP tokens also fell over 9%, reflecting the broader bearish sentiment.
Despite Trump’s announcement of a Strategic Bitcoin Reserve, uncertainty remains as no clear budget has been allocated for BTC purchases. U.S. Treasury Secretary Scott Bessent confirmed that discussions are ongoing, but the lack of immediate action continues to shake investor confidence.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
