Bitcoin Price Plummets to $76k
The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $77,000 and other major coins also facing losses.
Key Points:
- Ether fell by 9%, XRP by 2%, and Dogecoin by over 8% within a 24-hour period
- Investors reacted to comments made by US President Donald Trump regarding a possible recession
- The US stock market witnessed a decline of more than $1.7 trillion in value
Following Trump’s tariff policies and the announcement of the US Strategic Bitcoin Reserve, crypto prices across the board took a hit.
On March 11, Bitcoin plummeted to $76,000, a level not seen since the previous September. Crypto trader Ali mentioned on X:
“If #Bitcoin $BTC holds $80,000, the bull case remains strong. Losing this level, however, could put $69,000 in play as the next key support!”
Despite the initial drop, Bitcoin has slightly recovered to around $81,600, as per CoinMarketCap. However, Ether, XRP, and Dogecoin continued to face losses in the market.
The Market’s Response
Investors’ reactions to Trump’s trade tariffs, the US Strategic Bitcoin Reserve, and the potential recession have contributed to the ongoing market sell-off.
The US stock market suffered a loss of over $1.7 trillion following Trump’s recession remarks. Tesla, led by Elon Musk, saw a significant drop in share prices, losing more than half its value since December.
Market conditions were further impacted by trade tariffs imposed by Trump on countries like Canada, China, and Mexico. BitMEX co-founder Arthur Hayes advised patience in the current market scenario, suggesting a potential bottom around $70,000 for Bitcoin.
Hayes also mentioned the normalcy of a 36% correction from Bitcoin’s all-time high and urged traders to consider central bank policies before deploying capital.
