What You Should Know:
- Bitcoin is trading at $86,700, not significantly higher than before Trump’s recent announcements.
- Ether has dropped below its earlier levels, indicating ongoing market volatility.
- U.S. stocks are experiencing declines as uncertainties about upcoming tariffs affect investor confidence.
Sunday’s surge in crypto due to Trump’s statements has nearly dissipated.
Bitcoin is adjusting to $86,700, a value barely surpassing its position before President Trump publicly discussed plans for a U.S. crypto reserve on social media.
Ether’s value is now on record as the lowest compared to Bitcoin in five years, with a 0.025 ETH/BTC ratio. Changes in the value of other coins including Solana (SOL), Ripple (XRP), and Cardano (ADA) have seen notable decreases since Trump’s announcement, although they remain higher than prior levels.
“Crypto volatility remains considerable particularly with majors showing a Put Skew as we approach the end of March,” noted QCP Capital in a message to their clients.
The cryptocurrency sector has also seen substantial losses, with certain companies, including Core Scientific and Bitdeer, incurring severe losses after earlier gains on Monday.
Additionally, Semler Scientific is down 7.3% today following a DOJ investigation related to potential violations in marketing its product QuantaFlo. The broader market is faring poorly, with the Nasdaq dropping 1.1% and S&P 500 0.8%, amidst concerns over Trump’s anticipated tariffs on Mexico, Canada, and China that are set to take effect soon.
“Investors are focused on the prospects of U.S. economic growth alongside the looming tariffs on the mentioned countries, which will likely influence equities and interest rates,” said Jake Ostrovskis from Wintermute.
