[New York Coin Market/Close] Sharp Decline Alongside Stock Market Amid Trump Policy Concerns ... Bitcoin Falls Below $7.8K Intraday

# Trump Suggests Accepting Some Pain to Rebuild Manufacturing: "Can't Keep Watching the Stock Market" # Cryptocurrency Market Cap Drops $180 Billion During New York Session # Cryptocurrency Futures Plunge Double Digits Amid Rising Dollar Index, Falling Treasury Yields # Digital Asset Funds See Outflows for Fourth Consecutive Week; Solana and XRP Inflows Noted [New York = Jang Dosun, Correspondent] The cryptocurrency market experienced a significant drop on the 10th during the New York session, coinciding with a sharp decline in the New York Stock Exchange, fueled by concerns around Trump's economic policies. The strong risk aversion sentiment hinted at further potential declines. Bitcoin attempted a rebound early in the New York session, advancing to around $84,000, but macroeconomic concerns overwhelmed the market, leading to a downturn again. Bitcoin dipped to $78,000 intraday, while Ethereum fell below $1,900. Major altcoins, including XRP and Solana, also saw declines. The digital asset market was engulfed by extreme fear, with predictions emerging that Bitcoin could drop further to $70,000. The Trump administration has made clear its resolve to rebuild American manufacturing to construct a stronger America. They expressed a willingness to endure temporary growth slowdowns and stock market declines to achieve this goal, viewing tariffs as essential tools for strengthening U.S. manufacturing. According to CNBC, Trump, who had previously used Wall Street as a measure of his first-term performance, clarified that the criteria and objectives have now changed. Trump stated, “My job is to build a strong nation,” adding, “We can't just keep watching the stock market.” With recent U.S. economic indicators signaling a slowdown, investors are closely watching this week's Consumer Price Index (CPI) and Producer Price Index (PPI) releases. If these data indicate strengthening inflation pressures, concerns over U.S. stagflation are expected to intensify. CoinDesk reported that Jack Burks, CEO and founder of NFT service provider Mintology, said, “Many investors are seeing Bitcoin as a risky asset class for the first time since Trump's re-election and are withdrawing their funds.” He added, “Bitcoin no longer serves as a store of value. Many investors are reverting to their original 'doomsday assets,' leading to a surge in gold prices, which is not surprising given the continued economic shocks and tariffs affecting the free market.” Hedge fund QCP analyzed via a Telegram broadcast that “the correlation between Bitcoin and stocks is likely to increase in the short term until cryptocurrency finds a new narrative.” They also projected, “Both risk assets are trading near recent lows, and volatility could increase ahead of the key U.S. macroeconomic indicators' release, with tariff risks still looming.” ## Cryptocurrency Market Cap Drops $180 Billion During New York Session As of 3:45 PM New York time on the 10th, CoinMarketCap reported the cryptocurrency market capitalization at $2.56 trillion, down 4.90% from 24 hours earlier. This marked a reduction of $180 billion compared to before the New York Stock Exchange opened that day. The 24-hour trading volume in the cryptocurrency market surged by 90.91% to $138 billion. Bitcoin dominance was reported at 60.7%, while Ethereum dominance stood at 8.8%. The Fear and Greed Index of the cryptocurrency market indicated an extreme fear level of 17. At this time, Bitcoin was trading at $78,747 on CoinMarketCap, down 4.89% from 24 hours earlier. The intraday low was recorded at $77,420. Bitcoin has been undergoing a correction since hitting a new all-time high of $109,114 on January 20. Ethereum retreated to $1,865, down 8.61%, with an intraday low of $1,812. Ethereum's all-time high was $4,891.70 on November 16, 2021. Other altcoins in the top ten market cap rankings also declined compared to 24 hours earlier. XRP fell by 4.40%, BNB by 4.19%, Solana by 7.85%, Cardano by 5.97%, Dogecoin by 8.14%, and Tron by 2.83%. ## Cryptocurrency Futures Plunge Double Digits Amid Rising Dollar Index, Falling Treasury Yields Bitcoin futures for March listed on the Chicago Mercantile Exchange (CME) dropped by 10.44% to $78,140, April futures fell by 10.43% to $78,690, and May futures declined by 10.51% to $79,215. Ethereum futures for March fell by 13.84% to $1,864.50, April futures by 13.97% to $1,872.00, and May futures slid by 6.55% to $2,049.00. According to Wall Street Journal data, the dollar index rebounded by 0.17% to 104.01. The yield on the 10-year U.S. Treasury note fell by 7.7 basis points to 4.224%. ## Digital Asset Funds See Outflows for Fourth Consecutive Week; Solana and XRP Inflows Noted According to a weekly report from CoinShares, as of March 7, $876 million exited global cryptocurrency funds over the past week. With this, digital asset funds have seen outflows for four consecutive weeks, totaling $4.75 billion during this period. The continued outflows reduced the cumulative inflows for the year to $2.599 billion. The total assets under management of cryptocurrency funds dropped by $39 billion from their peak, standing at $142.5 billion, the lowest since mid-November last year. By asset, $756 million was withdrawn from Bitcoin, and $89.2 million from Ethereum. Cardano saw $1.9 million in outflows, and short Bitcoin funds betting on a decline in Bitcoin saw $19.8 million in outflows. Conversely, Solana recorded $16.4 million in inflows, while XRP saw $5.6 million in inflows.