Bitcoin prices dropped below $80,000 on Monday, hit by increased selling pressure in global equities and macroeconomic concerns. The flagship cryptocurrency reached a low of $77,396.43, its lowest point since November.
Shares linked to the crypto space also declined, with Coinbase falling 17.6%, Robinhood losing 19.8%, and bitcoin proxy Strategy declining over 16%. Bitcoin exchange-traded funds experienced their fourth consecutive week of outflows, totaling $4.75 billion so far this quarter.
The decline was partly attributed to President Donald Trump’s executive order establishing a US bitcoin reserve, which disappointed some investors. However, macroeconomic uncertainty remains the primary driver of the downward trend, following Trump’s weekend comments on possible recession in the US.
Market experts expect cryptocurrency prices to continue falling before potentially rebounding, driven by regulatory tailwinds and investor optimism for the year ahead. The market will be closely watching key economic indicators, including the Job Openings and Labor Turnover Survey, consumer price index, and producer price index this week.
Source: https://www.cnbc.com/2025/03/10/crypto-market-today.html