The crypto market is deep in the red. Bitcoin (BTC-USD) has dropped to nearly $80,000, while major altcoins, including Dogecoin (DOGE-USD) and Cardano’s ADA (ADA-USD), have plunged 10%. XRP (XRP-USD) has fallen over 7%, and Ethereum (ETH-USD) is down 5%. According to CoinDesk, the Crypto Fear and Greed Index has sunk to 17—its lowest reading since October 2023. This suggests widespread investor fear, historically a sign that a market bottom may be near.
White House Crypto Summit Fails to Deliver
Traders had high hopes for the White House Crypto Summit on March 7. Instead, the event fell flat. The U.S. government confirmed a Strategic Bitcoin Reserve but provided no major policy shifts. Hopes for a regulatory overhaul faded as the summit ended with vague promises, leading to market disappointment. XRP, which initially surged after Trump’s crypto reserve announcement, has now erased its gains.
Equities Are also Under Pressure
Crypto isn’t the only market struggling. Global equities are also under pressure as inflation concerns grow. The U.S. dollar has weakened, but risk assets, including Bitcoin, haven’t benefited. According to HashKey Research, Federal Reserve policy remains a key focus. Traders are now watching for potential interest rate cuts as early as May.
Bitcoin has seen its biggest weekly drop in history. Analysts warn that $78,000 could be the next major test. However, large investors have been accumulating Bitcoin, hinting at a possible recovery.
At the time of writing, Bitcoin is sitting at $83,104.20.
