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Bitcoin News March 10: Cryptocurrency Bitcoin took a heavy blow on Monday, falling more than five per cent to briefly trade below the psychologically important $80,000 mark, as fears about a trade tariffs-fuelled slow could come in the way of economic growth sent investors worrying. That marked the first instance of the cryptocurrency sliding below the mark in four months. Stocks on Wall Street also came under pressure with the American blue-chip index Dow Jones Industrial Average falling as much as 526.2 points, or 1.2 per cent, to hit 42,275.6 during the first couple of hours of trade.
Cryptocurrencies like Bitcoin are traded round the clock and don’t follow the normal opening and closing schedule as other securities such as stocks.
Wall Street Benchmarks Fall | Dow Slumps Over 500 pts, Nasdaq Composite Slides Below 17,500
The American technology stocks-heavy Nasdaq Composite index plunged as much as 705.3 points, or 3.9 per cent, to 17,490.9—the lowest intraday level recorded in nearly six months—during the session.
Bitcoin Hits $79,486.9 vs Dollar
The cryptocurrency fell to as low as $79,486.9 during the session before returning to $80,400 levels.
At 9:24 pm in India on Monday, Bitcoin was changing hands at $80,435.6.
Bitcoin’s Brief Slide Below $80,000 Comes Within 2 Weeks of Crypto Cracking Below $90,000 Mark
Monday’s slump came within a fortnight of the cryptocurrency slipping below the $90,000 mark to its lowest level recorded in about 14 weeks, data shows.
What is Bitcoin?
Bitcoin is the world’s most popular and largest cryptocurrency by market value.
Trump Tariff Turbulence
Last week, US President Donald Trump signed an executive order to establish an American bitcoin reserve as well as a digital asset stockpile.
Analysts say that the 47th US President’s move disappointed some investors.
Meanwhile, uncertainty around the global impact of tariff-related action between the US and its major trade partners has already kept investors on their toes for the past few weeks, say some analysts.
Catch key stock market updates here. For all other news, visit Zeebiz.com.
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