Bitcoin drops below $77,000 amid US recession fears
Major cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin, fell further on Tuesday as worries over U.S. economic growth and trade tensions mounted.
Bitcoin dropped 3.2% to $79,937 after touching a day’s low of $76,624, while Ethereum plunged 7.5% to $1,911. The global crypto market cap declined 4.3% to $2.6 trillion.
Solana, XRP, Cardano, and Dogecoin also saw sharp losses, with Dogecoin sinking 8.5%.
Investor sentiment worsened after former U.S. President Donald Trump, in a Fox News interview, spoke of a “period of transition” but did not clarify whether his tariff policies could trigger a recession.
His comments contributed to declines across crypto, stocks, and the U.S. dollar, with Treasury yields also falling.
“The crypto market is seeing its major downturn with Bitcoin falling under $80,000 and Ethereum recording a 16-month low of around $1,800,” said Avinash Shekhar, Co-Founder & CEO of Pi42.
“Fears of a coming recession and the overall market sell-offs are spurring this pullback.”
Macroeconomic uncertainties, including inflation and interest rates, continue to drive volatility.
“The upcoming Job Openings and Labor Turnover data would be crucial for bulls to take control,” said Edul Patel, CEO of Mudrex. “A positive outcome data could help BTC reclaim the $84,000 mark.”
Bitcoin’s market cap fell to $1.585 trillion, with dominance at 61.04%.
Trading volume surged 53.14% to $58.13 billion.
“Bitcoin’s ability to reclaim and hold $80,000 remains critical for overall market stability,” noted Vikram Subburaj, CEO of Giottus.