The week started weak in the cryptocurrency markets, with Bitcoin (BTC) dropping below $80,000. Ethereum (ETH) briefly retreated below $2,000, while Solana (SOL), Cardano (ADA), Aptos (APT), Avalanche (AVAX), and NEAR lost between 7% to 10% in the last 24 hours.

The selling wave in the market coincided with sharp losses in the U.S. stock markets. Nasdaq fell above 3%, while the S&P 500 lost 2%. Shares related to crypto also faced selling pressure. One of the largest institutional BTC investors, MicroStrategy (MSTR), and Coinbase (COIN) shares dropped by over 10%.

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

Tensions in the U.S. 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 order did not provide a new direction for the market, investors currently appear lacking positive catalysts in the short term. Concerns about economic slowdown and trade wars are increasing market uncertainty. Trump mentioned in an interview with Fox News 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 impacted market risk sentiment.

Hedge fund QCP suggested that volatility in the crypto markets may continue. In a Telegram broadcast directed at investors, they stated, “Until a new narrative is found, the correlation between BTC and stocks is likely to increase. While tariff risks remain uncertain, volatility may rise towards major U.S. macroeconomic data releases.”