The cryptocurrency market has taken a heavy hit, plunging by 7% to a total valuation of approximately $2.77 trillion, with major digital assets suffering steep losses.
Bitcoin, the world’s largest cryptocurrency, has dropped sharply to around $82,200, despite maintaining a dominant 58.2% market share. Ethereum, the second-largest crypto asset, has also taken a severe blow, edging dangerously close to the $2,000 mark. Meanwhile, Solana and XRP have also declined by roughly 7%, mirroring the broader downturn in the market.
This sudden crash has led to widespread liquidations, with over $616 million wiped out in the past 24 hours—long traders taking the brunt of the losses. Bitcoin alone accounted for $231 million in liquidations, further underscoring the volatility.
Many analysts point to recent remarks by former U.S. President Donald Trump as a key factor behind the latest sell-off. Trump, in a March 9 interview with Fox News, suggested that his proposed budget cuts and trade tariffs could bring short-term economic pain. This has rattled investors across both crypto and traditional financial markets, fueling concerns of increased volatility.
Some experts are drawing parallels between Trump’s policies and the aggressive anti-inflation strategies of former Federal Reserve Chairman Paul Volcker in the 1980s. While Volcker’s approach eventually curbed inflation and stabilized the economy, it initially triggered financial turbulence—something crypto investors now fear could happen again.
With uncertainty looming, the market is bracing for more potential shake-ups in the days ahead.
