Cryptocurrency market capitalization has dropped from $3.15 trillion to $2.14 trillion since March 2, erasing $1.01 trillion in value.
Bitcoin fell below $80,000, Ethereum erased post-election rally gains, and most cryptocurrencies saw 10%–25% losses over 30 days.
Tariffs, recession fears, and the Federal Reserve’s likely decision to maintain interest rates at 4.25%–4.50% are adding bearish pressure to the already volatile crypto market.
The downturn in the crypto market can be attributed to factors such as U.S. politics, including the trade war and uncertainty about interest rate cuts.