On March 10, 2025, the cryptocurrency market hemorrhaged $110 billion, its global market cap plunging 4.3% to $2.6 trillion in a single day, per The Economic Times. Bitcoin (BTC) led the charge, dropping 5% to $79,300, but the pain rippled across the altcoin landscape: Solana, XRP, Cardano, and Dogecoin all took hits, with Dogecoin shedding a steep 8.5%. Ethereum (ETH) wasn’t spared, crashing 7.5% to $1,911—its lowest in 16 months—according to CNBC. The carnage wasn’t about crypto’s fundamentals; it was a macroeconomic gut punch.
President Trump’s tariff threats, aimed at reviving U.S. manufacturing, have sparked recession jitters, sending investors scurrying from risk assets. “This is macro-driven, not crypto-specific,” said Ben Brauser of Bitget Research. The S&P 500 and Nasdaq dipped in tandem, while gold gained—a trend Peter Schiff seized on, tweeting, “Bitcoin’s no match for real value.” The sell-off erased weeks of gains tied to Trump’s pro-crypto agenda, including his strategic Bitcoin reserve, launched last week with 198,000 BTC. Bulls had hoped it would ignite a rally; instead, its reliance on existing holdings left traders cold. “The summit was a dud,” one X user griped.
Altcoins, often more volatile than BTC, bore the brunt. Dogecoin’s 8.5% slide reflected waning meme-coin hype, while Solana and Cardano struggled to hold support levels. “When Bitcoin sneezes, altcoins catch a cold,” Brauser quipped. The market’s mood soured further as $4.4 billion flowed out of U.S. Bitcoin ETFs since February (Bloomberg), signaling institutional retreat. Yet, there’s a glimmer of hope: regulatory wins—like the OCC’s custody ruling and BBVA’s trading approval in Spain—hint at a maturing ecosystem.
“We’re seeing structural growth despite the noise,” said Ryan Lee of Bitget Research, pointing to Trump’s crypto-friendly stance as a long-term catalyst. For now, though, macro forces rule. This week’s U.S. economic data—think CPI and jobs numbers—could either deepen the rout or spark a rebound. Traders are split: some see a dip to $70,000, others a buying opportunity. “Volatility’s our game,” one X user posted. “HODL or fold.”
