Emma Nelson 
Crypto Market Update (March 10): Despite recent pro-cryptocurrency developments in the U.S., the price action of Bitcoin and Ether on Monday has raised significant concerns in the market. Bitcoin dipped to a low of $80K, and Ether dropped nearly 6%, while even major altcoins like Solana and XRP saw substantial declines. This came after Donald Trump’s announcement last week about a ‘crypto stockpile’ and a strategic Bitcoin reserve, which failed to prevent the downtrend in the market.
Crypto Market
Why Bitcoin & Major Altcoins Are Falling
The global cryptocurrency market has dropped by 4.83%, with its market cap now sitting at $2.69 trillion. Over $600 million in liquidations were recorded in the past 24 hours, highlighting the pressure on prices. Analyst Ali Martinez revealed that more than $1 billion in Bitcoin long positions were liquidated, adding to the current volatility in the market.
BTC Liquidations:
According to Coinglass data, Bitcoin long positions have been heavily liquidated, as the market faces ongoing turmoil.
NFP Report Signals Hawkish Fed Stance
The release of the non-farm payrolls (NFP) report on Friday hinted that the Federal Reserve may adopt a more hawkish stance, increasing the pressure on risk assets. Additionally, macroeconomic concerns related to Trump’s tariff situation this month are adding to the uncertainty, with these factors weighing heavily on the broader market, including the crypto sector.
Bitcoin Price Dips to $80K Low
Bitcoin has taken a significant hit, losing nearly 5% of its value as of press time, trading at $82,033. The coin dropped to an intraday low of $80,052.49 from a high of $86,146.15, and the latest data shows that $237.6 million worth of Bitcoin was liquidated intraday. Despite this, Bitcoin’s market dominance increased slightly by 0.03%, indicating that altcoins have been even more volatile.
Ether Price Drops by 6%
Ether also saw a significant decline of nearly 6% in the past 24 hours, trading at $2,062. The coin saw intraday fluctuations, hitting a low of $1,991.19 and a peak of $2,194.89. The total liquidations in Ethereum reached $107.56 million over the last 24 hours, contributing to its market drop. As of today, Ether’s market dominance stands at 9.2%.
XRP Price Drops by 6%
XRP experienced a decline of nearly 6%, trading at $2.18. Despite only $30.34 million in liquidations, the coin hit lows of $2.09 and highs of $2.34. This demonstrates the continued volatility of the token in a bearish market.
Solana Loses 8%
Solana’s price took an 8% hit, closing at $127.5. The coin’s intraday low was $124.38, with a high of $139.73. Solana also saw $26.6 million worth of liquidations, contributing to its downward movement, following the broader market trend.
Meme Coins See Heavy Losses
Meme cryptocurrencies have also been affected by the market downturn. Dogecoin (DOGE) fell 10% to $0.1718, while Shiba Inu (SHIB) saw a 4% drop, trading at $0.00001208. Pepe Coin (PEPE) and TRUMP both dropped more than 9%, now trading at $0.000005960 and $10.97, respectively.
Top Gainers in the Crypto Market Today
Despite the overall market decline, some tokens have managed to gain. These include:
- Story (IP): $5.23 (+9% in 24 hours)
- UNUS SED LEO (LEO): $9.83 (+0.5% in 24 hours)
Top Losers in the Crypto Market Today
Some of the biggest losers include:
- JasmyCoin (JASMY): $0.01363 (-15% in 24 hours)
- Injective (INJ): $9.66 (-13% in 24 hours)
- Render (RENDER): $3.05 (-12% in 24 hours)
Market Outlook
The current market conditions have left investors cautious, especially given the negative price action despite the recent pro-crypto initiatives in the U.S. However, some market experts are relieved as the U.S. government confirmed it would not sell the nearly 200,000 Bitcoins it acquired from the Silk Road case and would keep it in its reserve, alleviating concerns of a mass sell-off. Meanwhile, whales continue to buy the dip, which sparks contrasting speculation on the market’s future direction. The market remains volatile, despite the optimistic regulatory advancements in the crypto space.
