Why the Crypto Market Is Bleeding: BTC, ETH, and SOL Take a Hit

  • 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.

AD 4nXepnTMJETIJihIeTGyIaDPdtPlfcCGxZJ A38RRcK0EhcQ6Ymajoq107sOqWZPXn of5kqEu
Source: coin360

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.

Hot this week

EIGEN Surges 23% as EigenLayer Secures $20B Assets

EIGEN gained 23% as futures inflows improved short-term market...

ETH Whale Purchase Reaches 21.7M With HYPE Addition

Whale acquired 14.4M worth of ETH from FalconX. HYPE purchases...

Bitmine Acquires 1.4M ETH as 5% Supply Goal Nears

Bitmine has accumulated more than 1.4 million ETH. The company...

XRP Price Prediction Driven by RSI and ETF Accumulation

XRP RSI is testing a critical macro support zone. ETF-linked...

Ethena Network Activity Hits Multi Month High as ENA Surges

Active ENA addresses reached the highest level since November...

Topics

EIGEN Surges 23% as EigenLayer Secures $20B Assets

EIGEN gained 23% as futures inflows improved short-term market...

ETH Whale Purchase Reaches 21.7M With HYPE Addition

Whale acquired 14.4M worth of ETH from FalconX. HYPE purchases...

Bitmine Acquires 1.4M ETH as 5% Supply Goal Nears

Bitmine has accumulated more than 1.4 million ETH. The company...

XRP Price Prediction Driven by RSI and ETF Accumulation

XRP RSI is testing a critical macro support zone. ETF-linked...

Ethena Network Activity Hits Multi Month High as ENA Surges

Active ENA addresses reached the highest level since November...

Fidelity Reserves Digital Fund Launches for Stablecoins

Fidelity launched a GENIUS Act-compliant reserve fund. Fund invests in...

Altcoin Market Cap Holds Range Above Key $800B Level

Altcoin Market Cap remains trapped between $800 billion and...

XRP Price Prediction Targets $6.50, $13 and $60 Breakout

XRP remains inside a major multi-year triangle formation. Historical cycles...
spot_img

Related Articles

Popular Categories

spot_imgspot_img