The crypto market experienced a significant dip on Sunday as international markets began to open to an uncertain macroeconomic environment, sending the price of bitcoin below $80,000 for the first time since early March.
The world's largest cryptocurrency fell over 3% in just two hours on Sunday; it's currently down a total of 3.4% in the past 24hours, according to The Block's Bitcoin Price page. Its rival Ethereum has fared even worse, having fallen nearly 8% in the past 24 hours. The ETHBTC ratio of the two leading tokens' prices is currently near its five-year low, according to TradingView data.
The Block's GMCI 30 Index performance since the start of the month.
The top 30 cryptocurrencies in total are down over 6% over the past day, according to The Block's GMCI 30 index. Year to date, the index is down over 32%.
Bucking the trend, Pi Network (PI) has gained about 1.52% over the past day, and ZCash is up 0.7%, according to The Block's price data.
The significant dip comes as international markets begin to open after a weekend in which U.S. President Trump made no indication that he plans to ease up on the significant tariffs he imposed on most other nations last Wednesday, triggering the worst stock performances since 2020.
Injective CEO Eric Chen previously told The Block that Bitcoin may be holding up better than altcoins "...because its market structure has fundamentally changed post-ETF, with demand now coming from retirement accounts, macro funds and corporate treasuries like MicroStrategy (MSTR) and GameStop (GME)."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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