In the cryptocurrency markets, the week started with a weak tone as Bitcoin (BTC) dropped below $80,000. Ethereum (ETH) briefly fell below $2,000, while Solana (SOL), Cardano (ADA), Aptos (APT), Avalanche (AVAX), and NEAR each lost between 7% and 10% in the last 24 hours.

The selling pressure in the market coincided with sharp losses in the US stock markets. Nasdaq fell over 3%, and the S&P 500 lost 2%. Stocks related to cryptocurrency also experienced selling pressure. Shares of Strategy (MSTR) and Coinbase (COIN), two of the largest BTC institutional investors, lost over 10%.

Although Bitcoin rose to $84,000 in the early hours of the day, the impact of Strategy’s $21 billion fundraising plan was short-lived as BTC slipped by 3.8% within 24 hours, dipping below the $80,000 level. Ethereum traded near its lowest levels since November 2023, dropping by about 4%. The CoinDesk 20 Index reflected the overall market direction with a 5% loss.

The tension in the US stock markets led to a decrease in global risk appetite. While the digital asset summit at the White House and President Donald Trump’s Bitcoin reserve decree failed to steer the market in a new direction, investors seem to be lacking positive catalysts in the near term. Signs of economic slowdown and concerns about trade wars are increasing market uncertainty. Trump, in an interview with Fox News, mentioned that the economy is in a “transition” phase and did not rule out the possibility of a recession this year. These statements shook investor confidence and negatively affected risk sentiment in the markets.

Highlighting the possibility of continued volatility in the crypto markets, hedge fund QCP stated in a Telegram broadcast aimed at investors that “the correlation between BTC and stocks is likely to increase until a new narrative emerges in crypto. Tariff risks remain uncertain, and volatility may rise towards significant US macroeconomic data releases.”