Bitcoin (BTC) price drops to $80,000, reflecting a 7% decline

On Mar. 10, Bitcoin's price dropped to $80000, reflecting a 7% decline over the past 24 hours

Bitcoin price fell 7% in the past 24 hours to reach $80,052 by 07:38 ET (12:38 GMT) on Friday, continuing to decline as uncertainty over Trump’s economic policies continues to impact the market.

The world’s largest cryptocurrency was trading at $82,200 by 07:00 ET, recovering slightly from earlier lows. The overall cryptocurrency market also saw a 7% decrease, reaching a valuation of $2.77 trillion, according to crypto.news price tracker.

Solana (SOL) and XRP (XRP) each registered 7% losses, while Ethereum (ETH) fell 8% to trade close to $2,000. Bitcoin’s (BTC) dominance, at 58.2%, remained relatively stable despite the decline.

Over the last 24 hours, the market downturn has led to $616 million in liquidations, with long positions bearing the brunt of the losses at $540.49 million, according to Coinglass data. The losses from Bitcoin alone totaled $231 million.

Bitcoin futures on the Chicago Mercantile Exchange opened at $82,110 on Friday, decreasing by $4,320 from a close of $86,430 on Thursday. This was the second-largest single-day plunge on CME futures this month, following a record decrease of $10,350 on March 3.

The market downturn was caused by growing market uncertainty after U.S. President Donald Trump admitted in a March 9 Fox News interview that his economic policies would bring temporary economic pain. His remarks regarding budget cuts and trade tariffs sparked worries about possible market volatility, making investors cautious about investing in cryptocurrency and other financial markets. Some investors have compared the potential for economic disruptions to the harsh anti-inflation policies of former Federal Reserve Chairman Paul Volcker in the 1980s. While Volcker’s measures stabilized inflation and spurred long-term growth, they initially caused significant instability in the market.

BitMEX co-founder Arthur Hayes has warned that Bitcoin might fall further, potentially retesting the $78,000 level. He observed that many Bitcoin options are priced between $70,000 and $75,000, which may lead to additional volatility if prices move into that range.

"An ugly start to the week. Looks like $BTC will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent."

Traders will be keeping an eye on key economic reports this week, including the U.S. Consumer Price Index on Monday and the Producer Price Index on Tuesday. These events could determine Bitcoin's next move.