11.03.2025 08:40
The cryptocurrency market has lost value due to concerns stemming from a wave of selling in U.S. stocks, while President Donald Trump's recent supportive moves towards the sector have been insufficient to offset this decline. Cryptocurrencies have recorded significant losses one after another.
The U.S. Treasury Secretary Scott Bessent announced plans to support stablecoins to maintain the dollar's position as the global reserve currency. While this plan was positively received by dollar investors for the future, it created a shock effect in the cryptocurrency market. Subsequently, fears stemming from the sell-off in U.S. stocks were interpreted as President Donald Trump abandoning support for the cryptocurrency sector, leading to a decline in cryptocurrency values.
CRYPTOCURRENCIES POSTED LOSSES
The price of Bitcoin has dropped by more than 3% in Asia, falling to $76,667.08, and is now attempting to recover. Currently, it is at $79,669.40, up 0.49% compared to 24 hours ago. Ethereum also tested the lowest level seen since Emil 2023, at $1,756.48, with a drop of up to 6%. It is currently trading at $1,855.67, down 0.82%.