Major cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin, experienced further declines on Tuesday as concerns about U.S. economic growth and trade tensions grew.
Bitcoin dropped 3.2% to $79,937, hitting a low of $76,624 during the day, while Ethereum plunged 7.5% to $1,911. The global crypto market cap fell 4.3% to $2.6 trillion.
Solana, XRP, Cardano, and Dogecoin also faced significant losses, with Dogecoin dropping 8.5%. Investor sentiment soured after former U.S. President Donald Trump mentioned a “period of transition” in a Fox News interview, without clarifying whether his tariff policies could lead to a recession. His comments contributed to declines across crypto, stocks, and the U.S. dollar, along with falling Treasury yields.
“The crypto market is in a major downturn with Bitcoin below $80,000 and Ethereum at a 16-month low around $1,800,” said Avinash Shekhar, Co-Founder & CEO of Pi42. “Concerns over a potential recession and overall market sell-offs are driving this pullback.”
Macroeconomic uncertainties, including inflation and interest rates, continue to fuel market volatility. “The upcoming Job Openings and Labor Turnover data will be key for bulls to regain control,” said Edul Patel, CEO of Mudrex. “A positive report could help BTC reclaim the $84,000 mark.”
Bitcoin’s market cap fell to $1.585 trillion, with a dominance of 61.04%. Trading volume surged 53.14% to $58.13 billion.
