Today’s Market Overview
Today, the digital asset market experienced further declines amid ongoing economic turmoil. Over the past 24 hours, market capitalization decreased by 1.07% to $2.79 trillion, and transaction volume dropped by 51.72% to $52.79 billion. The fear and greed index fell to 27 from yesterday’s 28, highlighting increasing market anxiety.
Causes of Decline
This ongoing downturn stems from a combination of global economic instability, new US tariffs, and bearish investor sentiment. On March 7, 2025, the market experienced a fall after the US government announced it would not be actively buying cryptocurrencies for a strategic stockpile. The White House clarified that this reserve would be built from assets forfeited in civil and criminal cases.
> Daily Summary on March 9, 2025
> 
> — PHOENIX – Crypto News & Analytics (@pnxgrp) March 9, 2025
Market Performance Today
Bitcoin and major altcoins saw declines, worsened by dwindling hopes for the US crypto strategic stockpile, complicated by Trump’s tariff proposals.
– BTC’s value is currently $84,450, down 2.07% in the past 24 hours.
– Ether declined by 0.96%, now trading at $2,143.
– XRP, BNB, and SOL fell by 4.02%, 3.09%, and 1.65% respectively.
– Other notable declines include ADA, DOGE, and TRX, down 3.80%, 5.24%, and 1.82%.
Top Performers Today
Despite the broader market decline, some assets performed exceptionally well:
– Movement (MOVE) surged by 47.18%, driven by increased demand for US-based crypto assets following the stockpile announcement.
– Ethena (ENA) climbed 29.50% as investor confidence in its growth potential strengthened.
– Bitcoin Cash (BCH) saw a rise of 28.88%, supported by on-chain data indicating bullish trends.
– Cronos (CRO) jumped 28.38%, continuing a month-long uptrend with a remarkable 121% growth recorded.
– Cardano (ADA) rounded out the list with a 25.58% increase, fueled by news that it would be included in the US crypto strategic stockpile along with other major assets.
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