Bitcoin Continues to Fall After White House Summit
Date: 2025-03-10 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Bitcoin Continues to Fall After White House Summit
The cryptocurrency market has once again felt pressure after the lack of clear statements at the government level.
On the night of March 10, the Bitcoin (BTC) rate fell again to $80,000, repeating the level of late February. Before that, the market had not seen such values since November 2024.
The price decline began on March 7 after the cryptocurrency summit at the White House, which did not bring the expected statements about the US strategic reserve. The day before, Donald Trump signed an executive order to create a national Bitcoin reserve formed from confiscated coins. However, the market negatively perceived the fact that the authorities do not plan to buy additional bitcoins.
After the overnight collapse, BTC partially regained its positions and at 11:00 Moscow time is trading at around $82.2 thousand, which is 4.3% lower than the day before. Bitcoin's market share is 61.34%, according to TradingView.
The total cryptocurrency market capitalization has fallen by 4.7%, reaching $2.7 trillion, according to Coinmarketcap. Ethereum (ETH) has fallen by 5.2% in 24 hours, falling to $1,990 at night for the first time since November 2023. By the morning of March 10, ETH is trading at around $2,060.
Among the largest cryptocurrencies, Dogecoin (DOGE) suffered the greatest losses, its rate fell by 9.5%. Tron (TRX) suffered the least, losing 3%. The price of XRP (XRP) fell by 7%, and Solana (SOL) by 8.5%.
In the top hundred cryptocurrencies, only Ethena (ENA) and Story (IP) showed positive dynamics over the day, adding 6% and 4%, respectively. The largest decline was recorded by Kaspa (KAS) - minus 13.2%.
Over the past 24 hours, crypto exchanges liquidated the positions of 223 thousand traders for a total of $620 million, according to Coinglass. The bulk of the losses came from long positions - $527 million, while short traders lost $93 million.
The net outflow of capital from crypto ETFs in the US continued. On March 7, investors withdrew $409 million from the Bitcoin ETF and $23 million from the Ethereum ETF, according to SoSoValue.
The Fear and Greed Index fell to 20 points out of 100, signaling “extreme fear”. Before the summit, this indicator was 34 points, but the lack of confident statements increased investor concerns, which led to massive selling of cryptocurrencies.
