Crypto Markets Decline as Bitcoin Drops to $86,700
Crypto markets saw a rapid decline after an initial spike following President Trump's announcement regarding a U.S. crypto reserve.
- Bitcoin is currently priced at $86,700, just above pre-announcement levels.
- Ether has dropped below its level before the announcement, with the ETH/BTC ratio reaching a five-year low.
- Other cryptocurrencies mentioned by Trump, including Solana, Ripple, and Cardano, have lost significant gains but remain above their prior values.
- Crypto volatility remains high, with a Put Skew indicated until the end of March, according to QCP Capital.
- Many crypto stocks, such as Core Scientific and Bitdeer, are experiencing substantial losses today.
- Slightly known Semler Scientific has declined 7.3% amid a DOJ investigation related to possible fraud violations.
- The broader stock market is also down, with the Nasdaq dropping 1.1% and the S&P 500 falling 0.8% due to concerns over impending tariffs on Mexico, Canada, and China.
Market sentiment is influenced by worries over U.S. economic growth and tariff impacts, affecting both equities and cryptocurrency valuations.