Hassan Maishera
TL;DR
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Bitcoin lost over 1% of its value on Sunday and now trades below $82k.
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The bearish performance comes as traders brace for tariff war escalation.
Bitcoin Risks Dropping Below $80k as Bearish Sentiment Thickens
The cryptocurrency market was bearish over the weekend, with Bitcoin and other major coins underperforming. Bitcoin entered the weekend trading around $85k but lost over 3% of its value to hit the $81,300 level on Sunday.
At press time, Bitcoin’s price stands at $81,995 and could dip below the $80k level in the near term if the bearish momentum continues. The bearish performance can be attributed to President Donald Trump's upcoming announcement of new tariffs, set to be revealed on April 2.
Portfolio managers are adopting strategies to either reduce risks or avoid large investments as they anticipate "reciprocal tariffs", which could affect the global economy in the coming weeks.
Altcoins also suffered huge losses over the weekend. Ether, the second-largest cryptocurrency by market cap, dropped below $1,800 over the weekend, down 13% in the last seven days.
XRP was the worst performer among the top 10 cryptocurrencies by market cap, losing 4% of its value in the last 24 hours. Dogecoin’s DOGE and Cardano’s ADA are down 3% each, while BNB continues to hold above $600, losing only 1% of its value.
The total cryptocurrency market cap declined by over $200 billion in the last three days and now stands at $2.66 trillion.
