US recession fears hit Bitcoin, stocks

Key market insights

• Bitcoin sinks below US$80K as recession fears grow - Bitcoin hit its lowest level since November 2024, dropping under US$80,000 as recession worries drove investors away from risk assets, causing sharp declines across the crypto market
• US stocks tumble as Trump warns of economic "transition" - US markets fell sharply after President Trump signaled an economic "transition," fueling recession fears. The S&P 500 dropped 2%, the Dow slid 0.9%, and the Nasdaq plunged over 3.5%
• White House explores Bitcoin reserve acquisition - Presidential adviser Bo Hines confirmed that the Commerce and Treasury Departments have been directed to explore Bitcoin acquisitions for the US strategic reserve.

The weekly trading stats as of Monday, March 10th at 11:00 am AEDT, based on data from Tradingview in USD.

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Bitcoin falls below US$80,000 amid recession concerns

Bitcoin dropped under the US$80,000 price point on Monday, reaching its lowest level since November 2024. This decline is largely attributed to escalating fears of a potential US recession, which have led investors to retreat from risk-on assets. The broader crypto market mirrored this downturn, with many of the top altcoins including Ethereum, Solana, Cardano, and XRP retracing.

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US stocks slide after Trump warns of economic "transition"

The US stock market saw significant declines on Monday following President Donald Trump's comments suggesting that the economy will undergo a "period of transition," raising concerns about a potential recession. The S&P500 fell approximately 2%, the Dow Jones Industrial Average dropped 0.9%, and the NASDAQ Composite decreased by more than 3.5%. Investors are apprehensive that ongoing trade tensions and recent tariff implementations could lead to higher consumer prices and slowed economic growth. Despite these fears, however, Commerce Secretary Howard Lutnick asserts there is no risk of a recession, though he acknowledges that the prices for some goods might increase.

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White House explores Bitcoin acquisition for strategic reserve

Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, has outlined a federal plan to bolster economic resilience through the establishment of a Bitcoin (BTC) reserve. Hines revealed that both the Commerce Secretary and the Treasury Secretary have been directed to explore methods for acquiring Bitcoin. This initiative reflects the administration's commitment to integrating digital assets into the nation's financial strategy.

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US SEC reconsiders crypto firm registration requirements

Acting US Securities and Exchange Commission (SEC) Chairman Mark Uyeda announced plans to abandon a 2022 proposal that would have required certain cryptocurrency firms to register as alternative trading systems. Initially aimed at enhancing oversight, the proposal faced criticism for potentially imposing excessive regulations on the crypto industry. Uyeda acknowledged that linking Treasury market regulation with stringent crypto measures was a mistake and has directed SEC staff to explore options to withdraw this aspect of the plan.

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Looking ahead

A volatile week in crypto has seen Bitcoin dip below US$80,000, driven by growing recession fears and a broader risk-off sentiment across global markets. Equities also took a hit, with stocks tumbling after Trump warned of an ongoing "economic transition," adding another layer of uncertainty for investors.

Despite the turbulence, regulatory shifts in the US are offering some relief. The SEC is easing its stance on strict registration rules, signaling a more balanced approach to oversight. Meanwhile, the White House's move to explore Bitcoin acquisitions for the national strategic reserve highlights the deepening institutional interest in digital assets.

With macro and regulatory developments shaping the landscape, all eyes are now on policy makers. As interest rate decisions and economic policy updates loom, market volatility is set to remain a key theme in the weeks ahead.

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