Bitcoin’s Price Slide Sparks Market Chaos
Bitcoin fell below $83,000 on Sunday, causing a major sell-off across the cryptocurrency market. Two popular cryptocurrencies, Dogecoin (DOGE) and Cardano (ADA), each dropped over 10% in value. While both recovered slightly later in the day, the losses highlighted ongoing volatility in the crypto space.
Dogecoin and Cardano Hit Hard
- Dogecoin (DOGE): Plunged nearly 12% to $0.17 after hitting an even lower price earlier in the day.
- Cardano (ADA): Dropped 10% to $0.74 but showed minor recovery by late afternoon.
Bitcoin itself fell 4% at times, struggling to stay above $83,000. This dip comes despite recent news of the U.S. government’s plan to stockpile Bitcoin as part of a “Strategic Crypto Reserve.”
Why Is the Market Falling?
Analysts point to two key factors:
- Stock Market Sell-Off: Investors are pulling money out of risky assets like crypto after new tariffs (taxes on imports) introduced by former President Donald Trump caused panic in traditional markets.
- Shift to Safe Assets: Gold prices surged last week as traders turned to safer options, leaving cryptocurrencies like Bitcoin behind.
Cardano’s Surprising Resilience
While most cryptocurrencies have struggled this month, Cardano has held up better than rivals like Solana and XRP. Experts believe this is due to rumors that Cardano ETFs (investment funds tracking its price) could soon get regulatory approval.
What’s Next?
Crypto markets remain unpredictable. Investors are watching to see if Bitcoin stabilizes and whether Dogecoin and Cardano can recover fully from Sunday’s crash.
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