What a day, folks! The crypto market decided to throw itself a little going-out-of-business sale on Sunday. Bitcoin, that digital diva, took a nosedive below $82,000, erasing billions in market cap like it was last season’s fashion. And guess what? It wasn’t alone! U.S. stock futures joined the pity party, thanks to some spicy trade tensions and inflation fears that would make even a seasoned economist break a sweat. π
Bitcoin, once strutting at $88,000, slipped on a digital banana peel, landing at a not-so-cozy $81,700. That’s a2% shrinkage, for those keeping score at home. And the altcoins? Oh, they had it worse! Avalanche, Polygon, Near, and Uniswap – they all took a dive, down by almost10%. The total market cap? Down by $115 billion, leaving investors clutching their pearls and possibly their wallets. πΈ
Meanwhile, Ethereum decided to join the limbo contest, hitting a four-year low at $1,775. Why? Because apparently, nobody’s interested in those ETH ETFs since March. It’s like throwing a party and nobody shows up. Sad! π’ But hey, Bitcoin ETFs are the life of the party, raking in over $1 billion in just two weeks. So, institutional investors are picking favorites, and ETH is feeling left out.
And it’s not just crypto feeling the blues. The S&P500 and Nasdaq took a plunge too, dropping2% and2.8%, respectively. It’s a regular stock market sob story. Crypto-related stocks? They’re not immune either. MicroStrategy and Coinbase took a hit, down10% and7.7%. Ouch! π
Why the gloom, you ask? Well, new tariffs are on the horizon, set to kick in on April2nd, targeting everything from cars to chips. Experts are whispering about inflation risks, and that’s never music to the market’s ears. So, institutional money is running for the hills, leaving both crypto and traditional markets to fend for themselves in the volatility wilderness. ππ¨
Let’s face it, Bitcoin and equities are still joined at the hip. Their correlation is tighter than a pair of skinny jeans, meaning whatever ails the economy is gonna hit Bitcoin right in the wallet. So buckle up, folks, it’s gonna be a bumpy ride! π’
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2025-03-31 07:34