- Trade skirmishes and the spectre of recession send crypto markets into a tailspin, with Bitcoin leading the charge.
- The almighty Bitcoin takes a nosedive, touching $81K, as its market cap shrinks to a mere $2.71T.
Oh, how the mighty have fallen! The crypto market, that once swaggered like a king, is now caught in the clutches of a sharp sell-off, spurred on by the grim whispers of an impending recession and the escalating tensions between the land of the free and the great white north.
As the world watched, President Donald Trump, the conductor of this economic orchestra, doubled down on his aggressive policies, sending ripples of uncertainty across the globe. In a recent tête-à-tête, Trump, the maestro of chaos, steered clear of addressing the elephant in the room—recession—but assured everyone that his policies were tailor-made for restoring economic might, come what may. 🎩✨
Carney, the New Sheriff in Town 🏛️
Meanwhile, in the Great White North, a seismic shift occurred when Mark Carney, the new kid on the block, ousted Justin Trudeau from his throne. With the fervor of a crusader, Carney wasted no time in setting his sights firmly against Trump’s trade tactics. In his maiden address as Prime Minister, Carney, the harbinger of change, declared:
“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form.”
And just to make sure everyone got the memo, he added,
“My government will keep our tariffs on until the Americans show us respect.”
This was in response to Canada’s retaliatory move of imposing a 25% tariff on US consumer goods, a bold statement against Trump’s tariffs. 💥
The Great Canadian-American Trade War Escalates 🗡️
David Krayden, the sage of Substack and Post Millennial, chimed in with his two cents, cautioning against the dire consequences of such actions. He opined,
“25% tariff on imports to Canada MORE inflation, this is NOT a good idea. It will TRIGGER the 25% Reciprocal tariff from Trump and USA so it is really stupid. It makes Canada the aggressor and it is what is causing the inflation and triggering the USA tariff. Because the USA tariff is NOT on Canada RIGHT now.”
He further warned,
“This is heading to a depression if politicians do not normalize relations.”
Bitcoin’s Bitter Pill 📉
Amidst this backdrop of political drama, Bitcoin, the crypto kingpin, felt the heat, experiencing a brief yet painful dip below $81,000 before clawing its way back up to $82,000. Altcoins, the loyal subjects, followed suit, with Ethereum, Ripple, and Dogecoin shedding over 6% of their value, while lesser-known cryptocurrencies like Injective and Maker suffered double-digit losses. 💔
The total crypto market cap, a mirror to the industry’s health, saw a 6% contraction to $2.8 trillion, with leveraged liquidations surpassing $600 million, wiping out $530 million in long positions. Even as the market attempted to regain its footing, the latest figures showed a 3.37% decline, leaving the global crypto market cap at a paltry $2.71 trillion, a testament to the lingering uncertainty and bearish mood. 🐻
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2025-03-10 20:13