While Elon Musk’s DOGE team marched into SEC headquarters with promised cost-cutting measures, the crypto market took a nosedive. Bitcoin plunged to $82,028, shedding 3.57% in just 24 hours. Ethereum wasn’t spared either, tumbling to $1,837 and recording a 7.77% weekly loss. The entire market looked like it had seen a ghost.
The DOGE squad gained preliminary access to SEC systems and data, sparking questions about the regulatory body’s future direction. Nobody knows exactly what they’re up to. The SEC plans to create a liaison team to work with Musk’s crew. Great. More bureaucrats to confuse things.
Despite Musk’s grandiose “Doge to Mars” proclamation, Dogecoin refused to play along. It’s trading at $0.3454, down over 9%. Technical indicators aren’t painting a pretty picture either. MACD and signal line below zero? Check. Negative Chaikin Money Flow? You bet. Daily trading volume crashed by almost 31%. Yikes.
Musk’s Mars dreams crashed harder than Dogecoin’s price, with technical indicators screaming “abandon ship!”
Bitcoin’s situation isn’t any better. It dropped to $84,148.33, coinciding with Trump’s new tariff announcements. Long positions worth $158 million got liquidated during the bloodbath. Some analysts are shrugging off a potential fall to $65K as “irrelevant.” Easy to say when it’s not your money. The Bitcoin value recently reached an all-time record high above $109,000 on inauguration day before the current decline. The prevailing risk-off sentiment has significantly contributed to the market’s downward trajectory.
The altcoin market is a mixed bag of mostly disappointment. Cardano somehow managed a 60% surge thanks to U.S. Strategic Crypto Reserve inclusion. But most others? Litecoin tanked 14.51%. Ripple crashed 16.55%. This significant downward pressure appears to contradict the typical bull run pattern we’ve seen every 3-4 years historically. Solana couldn’t hold its early gains. The rest of the top 100? Nothing to write home about.
Meanwhile, gold hit a record $3,087 on March 28 while the crypto market entered what experts call a “withdrawal phase.” That’s a fancy way of saying everyone’s running for the exits.
With $93 million net outflows from spot Bitcoin ETFs and ongoing global trade tensions, investors are feeling jittery. The market cap sits at $2.66 trillion. For now.
