Bitcoin Struggles to Hold Value Amid Heavy Selling
Bitcoin (BTC) extended its recent losses on Sunday, falling to $80,000 as bearish sentiment gripped the market. The leading cryptocurrency is now approaching its 2025 low of $78,000, raising concerns about further downside. At around 7:00 pm ET, BTC had lost 7% over the past day, with only a slight recovery pushing it to $80,700.
Crypto Market Sees Broad Declines
The downturn wasn’t limited to Bitcoin, as other major cryptocurrencies also suffered significant losses. Ethereum (ETH), Solana (SOL), and XRP (XRP) followed Bitcoin’s decline, while Cardano (ADA) and Dogecoin (DOGE) saw steeper losses of about 12%. Investors appear to be stepping away from riskier assets as economic uncertainty looms.
Trump’s Economic Policies Raise Concerns
The decline coincided with Donald Trump’s appearance on Fox News, where he discussed his economic strategy. He admitted that his policies could lead to “a little disruption” in the short term but argued that they were necessary for building a stronger economic foundation. Some analysts compared his approach to that of Paul Volcker, the former Federal Reserve Chairman who aggressively raised interest rates to combat inflation in the late 1970s, leading to a temporary recession before stabilizing the economy. Meanwhile, U.S. stock index futures were also in decline, down roughly 0.85% in early trading.
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