Bitcoin plunges again below 80,000 dollar mark

Amid concerns over the economic downturn triggered by the U.S., Bitcoin, a major cryptocurrency asset, has plunged below 80,000 U.S. dollars. The weakening of the cryptocurrency may persist for some time as U.S. President Donald Trump seems determined to push through his tariff policies even at the cost of a potential economic slowdown.

As of 2 p.m. on March 11, Bitcoin was trading at 79,743 dollars on the digital asset marketplace Binance, a 3.58% decrease from 24 hours earlier. The 80,000-dollar mark was once again breached in just 10 days since February 28.

Altcoins, referring to cryptocurrencies other than Bitcoin, have plummeted even further, with Ethereum trading at 1,869 U.S. dollars, a 9.60% drop from 24 hours earlier. Those mentioned by Trump himself as strategic reserve assets, including XRP, Solana, and Cardano, also experienced sharp falls by 5.51%, 5.27%, and 4.84%, respectively.

It is widely believed that increasing uncertainties surrounding the global economy triggered by the U.S. sweeping tariffs are affecting all corners, including the cryptocurrency market. A series of emerging signs of the U.S. economic downturn are weakening investment sentiments on crypto, which is considered risky. Previously released on March 7, the number of non-farm payroll jobs increased by 151,000, falling short of market expectations (160,000), indicating a slowdown in the U.S. labor market. The unemployment rate increased slightly to 4.1% from the previous month. However, despite these warning signs, Trump made it clear during his interview with Fox News and other media that he is committed to the tariff war, aggravating fear among cryptocurrency investors.

Another downward pressure against cryptocurrency is the inadequate crypto policies, even though Trump boasted of being the "crypto president." Trump signed his executive order to stockpile Bitcoin on March 6, but without any additional purchase plans that the market had anticipated. Furthermore, no concrete support plans were announced during the Digital Asset Summit on March 7, led by the White House.

According to Bloomberg, iShares Bitcoin Trust ETF, the biggest Bitcoin spot ETF, lost 800 million dollars in net just last month, with another 130 million dollars exiting in March alone. Cryptocurrency exchange BTSE's COO Jeff Mei noted that the Bitcoin price can fall as low as 70,000 dollars and further expected that the crypto assets will only restore their prices once the tariff war ends and the U.S. benchmark interest rate drops.


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