Bitcoin’s valuation persists in its downward trajectory, briefly grazing an intraday low of $82,201 per coin amid a 4.4% depreciation against the U.S. dollar within 24 hours. Among the top ten cryptocurrencies by market capitalization, dogecoin (DOGE) distinguished itself as the most pronounced decliner, surrendering 12.8% of its worth.
Bitcoin’s Bear Grip Tightens
Bitcoin’s (BTC) price extended its retreat into Sunday afternoon, oscillating near $82,803 per unit as of 3:30 p.m. ET on March 9. The asset reflects a 4.4% single-day slide and an 11.2% weekly contraction, with digital asset markets navigating twin headwinds: opaque details regarding former President Donald Trump’s potential trade tariffs and simmering inflationary anxieties across global economies.
The confluence of these factors has injected fresh volatility into the sector, mirroring broader financial uncertainties. Bitcoin, the notorious prophet of Monday stock market woes, delivered another grim forecast on March 9, with trading patterns mirroring past downturns. Trading volume swelled to $25.06 billion since morning, yet the uptick bore the mark of persistent sell-offs, leaving overall activity tepid.
Binance, OKX, and Crypto.com emerged as today’s most active arenas for BTC trading, dominating exchange activity. Crypto derivatives markets hemorrhaged $487.20 billion in liquidated positions over 24 hours, ensnaring 199,301 traders in the rout. Bullish BTC bets constituted $134 million of this carnage, while ethereum longs saw $88.13 million vanish into the thin air.
Dogecoin (DOGE) led the top ten’s descent with a 12.8% plunge today, while XRP trailed closely, slipping 7.9%. The day’s most dramatic downturn belonged to pi network (PI), which plummeted 21.66%. spx6900 (SPX) nosedived 19.50%, and jasmy (JASMY) tumbled 17.68%, rounding out a merciless session for digital assets.