Bitcoin Dips Below $84K Amid Geopolitical Tensions and Economic Concerns
Bitcoin’s price has fallen below $84,000, influenced by geopolitical tensions and U.S. economic policies. Analyst comments highlight cautious market sentiment despite ongoing support. Altcoins also reflect downward trends. The current market cap stands at $1.66 trillion, with a notable surge in trading volume.
Bitcoin’s value has currently dipped below $84,000 amidst growing geopolitical tensions. The uncertainty escalated when U.S. President Donald Trump signaled the imposition of new reciprocal tariffs effective April 2, amplifying fears of an economic downturn. In addition, reports of airstrikes on Gaza and drone attacks in Ukraine have spurred investor anxiety, prompting a shift toward safe-haven assets.
Vikram Subburaj, CEO of Giottus, commented, “Bitcoin and the broader crypto market saw a slight pull back even as Trump addressed a crypto conference. Despite his pro-crypto stance, the lack of concrete policy announcements kept sentiment cautious.” Edul Patel, CEO and Co-founder of Mudrex, echoed this sentiment, stating, “Trump reinforced his pro-crypto stance, advocating for stablecoin legislation, but Bitcoin has yet to gain enough momentum for a breakout. Bulls have defended the $80,000 level for six days, signaling strong support.”
In terms of altcoins, XRP has experienced a 3% decline, with Solana down by 4.6% and Cardano by 2.5%. Dogecoin has similarly dipped by 3.5%, while Chainlink, Avalanche, Hedera, and Stellar recorded decreases ranging between 2% and 4%. Bitcoin’s market capitalization has contracted to $1.66 trillion, holding a dominance of 60.6%. Additionally, the trading volume has increased by 32%, now totaling $25.5 billion, with stablecoin volumes representing 98.43% of total crypto trading at $74 billion, according to CoinMarketCap.
In conclusion, Bitcoin’s recent price drop below $84,000 is attributed to rising geopolitical tensions and uncertain economic forecasts, compounded by a lack of decisive policy updates from U.S. leadership. While altcoins have also faced declines, Bitcoin’s market cap remains substantial, and strong support has emerged at the $80,000 level. Investors are advised to remain cautious amidst this volatile environment.
Original Source: m.economictimes.com
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