- The global crypto market cap declined by 1.48% to $2.63T as investor sentiment weakened.
- Market liquidations hit $620M, with long positions facing $527M in losses.
The global crypto market cap fell to $2.63 trillion, marking a 1.48% decline in the last 24 hours. The downturn follows persistent outflows from crypto investment products and concerns over President Donald Trump’s economic policies.
The cryptocurrency market remains under pressure as investors react to Trump’s trade tariffs and budget cuts. His latest statements indicate that his policies may cause short-term economic pain. He compared his approach to former Federal Reserve Chair Paul Volcker’s 1980s policies, which initially hurt the economy but later stabilized it.
The U.S.-China trade war continues to add uncertainty. China recently imposed tariffs on U.S. agricultural goods in response to Trump’s latest trade restrictions. Federal Reserve Chairman Jerome Powell’s cautious stance on interest rates has kept traders on edge. Weak U.S. job numbers further fueled fears of economic instability.
Bitcoin and Altcoins Decline
Bitcoin (BTC) dropped 4% in the last 24 hours, trading at $80,968. Ethereum (ETH) fell 3.2% to $1,903. Solana (SOL) and XRP saw larger losses, declining 7.2% and 4.5%, respectively. Despite a minor 4-5% recovery, the broader market remains in the red.
On March 10, the crypto market erased gains from Trump’s US Crypto Strategic Reserve announcement, falling 14.7% in seven days. The market’s reaction suggests that investors are prioritizing economic concerns over Trump’s pro-crypto stance.
The market slump led to $620 million in liquidations in the past 24 hours. Long positions accounted for $527 million in losses, signaling traders’ reduced confidence. Bitcoin recorded $241 million in liquidations, while Ethereum followed with $114.76 million.
The increased market supply from forced liquidations contributed to the downward trend. Traders remain cautious as Bitcoin approaches its 2025 low of $78,000.
Digital asset investment products faced outflows for the fourth consecutive week, totaling $876 million. Bitcoin saw the biggest withdrawals, losing $756 million in investments. Total assets under management dropped by $39 billion to $142 billion, the lowest since mid-November 2024.
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