A notable downturn in the Bitcoin market was observed Sunday, triggered by Bitcoin’s descent below the $83,000 threshold.
This price decrease in the leading cryptocurrency initiated a broad sell-off. Prominent alternative cryptocurrencies, Dogecoin and Cardano, are experiencing substantial drops exceeding 10% each.
Although both Dogecoin and Cardano demonstrated some degree of recovery as Sunday afternoon progressed, they remained significantly lower compared to their earlier valuations.
Market Factors regarding Bitcoin and Cardano’s Relative Resilience
Dogecoin, while rebounding from its lowest point of the day, was still trading nearly 12% down at $0.17 by 4:24 p.m. Eastern Time, as reported by The Block Price Page.
Similarly, Cardano (ADA) exhibited a partial recovery during the afternoon trading session on Sunday but was still exchanging hands at $0.74 as of 4:24 p.m. ET, reflecting a 10% decrease over the preceding 24 hours.
The price of Bitcoin, the most dominant cryptocurrency globally, momentarily dipped below $83,000. Before fluctuating around a 4% loss for a significant portion of Sunday.
This price contraction occurred despite recent developments such as the executive order signed last Thursday by US President Donald Trump.
This order established a Strategic Crypto Reserve, intended to include stockpiling Bitcoin.
However, paradoxically, the digital asset’s value has been on a downward trajectory in recent weeks and days.
This decline in Bitcoin’s value, accompanied by increased market volatility, has coincided with a more widespread divestment from equities.
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