Bitcoin Drops Below Key Support Level
Bitcoin (BTC) faced another steep decline over the weekend, sinking to $80,000 as selling pressure intensified. The digital asset, which has struggled to maintain stability, is now dangerously close to its 2025 low of $78,000. As of 7:00 pm ET, BTC was down 7% in the last 24 hours, though a slight recovery saw it hover around $80,700.
Altcoins Face Steep Losses Alongside Bitcoin
The negative trend extended to the broader cryptocurrency market, with Ethereum (ETH), Solana (SOL), and XRP (XRP) recording similar losses. Cardano (ADA) and Dogecoin (DOGE) were hit the hardest, each plummeting nearly 12%. Market analysts suggest that economic concerns and a cautious investor sentiment are contributing to the widespread decline.
Macroeconomic Uncertainty Fuels Market Fear
Adding to investor concerns, former U.S. President Donald Trump commented on the economic impact of his policies during a Fox News interview. He acknowledged that his tariff and budget measures might cause “a little disruption” but insisted they were necessary for long-term stability. His statements drew comparisons to former Federal Reserve Chairman Paul Volcker, who raised interest rates to combat inflation, triggering a recession before economic recovery took hold. U.S. stock index futures also reflected growing market caution, sliding about 0.85% in early trading.
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