Bitcoin has been consistently bleeding and fell below $82,000 this morning, hitting $81,565.
Bitcoin Market Price
The downward trend has pushed Bitcoin to its current price of $81,550.19, a 24-hour drop of 1.52%. The market cap of Bitcoin is currently at $1.61 trillion, after the 24-hour market volume went down by $15.86 billion, and it has slipped to tenth position after Saudi Aramco, with a $1.76 trillion market cap, took over it in the most valued asset list.
Bitcoin Dips Below $82K, Sparks Inflation FearThe 24-hour market volume has also gone down by 6.4% in the past day.
One of the primary factors affecting Bitcoin’s market trail is the anticipated US tariff rates. The US is already engaged in a tariff war with countries like China and Mexico, and its neighbor, Canada, wasn’t spared from the heavy tariff rate. If that wasn’t enough, the US is preparing for a reciprocal tariff on India on April 2. The tit-for-tat tariff move by the US has, although, helped the dollar get slightly stronger, but Bitcoin remains in the shadow. Note that the current US dollar index is 103.829, which is still up by 2.54% in the past 6 months.
Secondly, other macroeconomic factors like the PCE inflation statistics have also played a role. The PCE inflation report for February, released on Friday, showed a 2.5% year-on-year increase in prices, while core inflation was 2.8%, slightly higher than expected. The figures highlight that inflation remains a problem, and the US economy may face a slowdown. According to the Atlanta Fed’s GDPNow model, the US economy could shrink by 2.8% in the first quarter, sparking concerns about stagflation.
Amid these uncertainties, Bitcoin is just a reflection of the market condition.
Also Read: Bitcoin Price Falls Below $85,000: A Breakdown to $76,000 in Sight?
