Market Downturn Hits Cryptocurrencies Hard

In a significant market movement, Bitcoin has once again fallen below the $80,000 mark, signaling a continued downward trend for the world's largest cryptocurrencies. This decline is attributed to a mix of economic uncertainty, concerns over US tariffs, and a general decrease in investor confidence following recent market fluctuations.

Economic Policies and Investor Confidence

US President Donald Trump's economic strategies, including the controversial US Strategic Bitcoin Reserve announcement, have stirred debates and uncertainty among investors. Additionally, Trump's refusal to dismiss the possibility of the US entering a recession this year has further fueled market apprehensions.

Impact on Major Cryptocurrencies

At 11:21 am ET, Bitcoin was down by 0.92%, trading at $79,995. Shortly after, Ethereum also saw a decrease, dropping 0.30% to $2,013, highlighting the volatile nature of the cryptocurrency market in these uncertain times.