Market Turmoil Hits Crypto Despite Regulatory Progress
The cryptocurrency market faced significant headwinds this week as Bitcoin plummeted below the crucial $80K support level, marking a dramatic shift in sentiment. The drop coincided with growing concerns over new tariff policies from the Trump administration, sparking recession fears across both traditional and digital asset markets.
Key Market Developments
- Bitcoin dropped to sub-$80K levels on March 10
- Ethereum fell to $1,821, testing critical support
- BlackRock’s BUIDL fund surpassed $1 billion AUM
- Tokenized treasuries reached $4.2 billion market cap
Institutional Adoption Accelerates
Despite the market downturn, institutional adoption continues to surge. BlackRock’s flagship BUIDL fund crossed the $1 billion milestone, while tokenized treasuries hit a record $4.2 billion market cap. These developments suggest growing institutional confidence in digital assets, even amid short-term volatility.
Regulatory Landscape Evolution
Several significant regulatory developments emerged this week:
- U.S. House overturned IRS’s controversial ‘broker rule’
- Senate committee advanced GENIUS stablecoin bill
- Ripple secured UAE payments license
- OKX obtained European operational license
- Coinbase announced 24/7 futures trading plans
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Market Outlook
Technical indicators suggest a potential recovery, with Bitcoin forming a bullish RSI divergence ahead of U.S. CPI data. However, traders should remain cautious as market sentiment remains fragile amid broader macroeconomic concerns.
Source: CoinDesk