10 Mar
As the new trading week kicks off, crypto investors are still facing red numbers across the board. Bitcoin, Ethereum, and other major cryptocurrencies continue to slide, showing little sign of a near-term recovery.
The broader crypto market correction has intensified, with leading assets facing renewed pressure. Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has dropped approximately 4.35% over the past 24 hours, briefly trading near the critical $80,000 mark. At the time of writing, Bitcoin has stabilized at $82,163, but market sentiment remains fragile.
Ethereum (ETH) follows a similar trajectory, shedding 5.8% on the day, currently trading at $2,057.
Among altcoins, losses range between 3.8% and 13%, contributing to an overall 4.3% market decline.
Adding to the market strain, around $617 million in derivatives positions have been liquidated within the last 24 hours — with $526 million affecting long positions, as many traders bet on a market rebound that failed to materialize.
The underlying causes of this downturn remain largely unchanged from recent sessions. Ongoing trade tensions under the Trump administration, combined with disappointing U.S. labor market data, are weighing heavily on investor sentiment.
On Friday, the U.S. Bureau of Labor Statistics (BLS) released lower-than-expected employment numbers, reporting only 151,000 new non-farm payrolls, versus analyst forecasts of 159,000. These figures further diminish hopes of an imminent rate cut by the Federal Reserve, with most analysts now expecting a decision no earlier than June, according to CME data.
Investors had previously hoped for a bullish catalyst following former President Donald Trump’s announcement of a U.S. crypto reserve, but these expectations have largely faded. Notably, the reserve is set to be built from already seized cryptocurrencies, rather than new market purchases — a move widely criticized in the crypto community.
As one commentator put it, the idea has been dubbed “a pig with lipstick”, highlighting widespread skepticism about the plan’s real impact on the market.
Until clearer strategies emerge from policymakers and macroeconomic data improves, the outlook for Bitcoin, Ethereum, and the broader crypto market remains highly uncertain.
