Crypto Market Plummets: Bitcoin Drops 3%, Ethereum Falls 10% Amid Recession Fears

On March 11, the cryptocurrency market experienced significant volatility, with major coins such as Bitcoin (BTC) and Ethereum (ETH) facing substantial losses. Bitcoin's price dropped to a multi-month low, losing $80K as of early Asian hours on Tuesday. Ethereum also saw a notable decline, falling by 9% within the same period. This downturn was accompanied by a broader market sentiment of extreme fear, as indicated by the ‘CMC Crypto Fear and Greed Index’ at 15. The market's bearish trend was exacerbated by rising recession fears and increasing trade tensions, which have been a persistent concern since the tariff saga initiated by the previous administration.

The global crypto market cap shrank by nearly 4%, falling to $2.58 trillion. This decline was further underscored by massive liquidations, totaling over $900 million in the past day. The bearish sentiment was not limited to Bitcoin and Ethereum; other major cryptocurrencies such as Solana (SOL) and XRP also experienced significant losses, with SOL and XRP each dropping by 6%. The overall market volatility has sparked concerns among traders and investors, who are grappling with the impact of macroeconomic developments and the potential for a U.S. recession.

Bitcoin's price witnessed a 3% decline, trading at $79,617 as of press time. The coin hit an intraday low of $76,624.25 and a high of $83,955.93. The liquidations recorded over the past day amounted to $314.95 million, according to data. Despite the losses, Bitcoin's market dominance increased by 0.52% to 61.04%, indicating that altcoins were more severely affected by the market downturn.

Ethereum's price fell by 10% in the past 24 hours, closing at $1,846. The coin's intraday low was $1,760.94, and its high was $2,150.71. Ethereum's liquidations totaled $246.20 million over the past 24 hours, and its market dominance stood at 9.1% on Tuesday. XRP's price also declined by nearly 6% in the past