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Bitcoin Hovers Around $80,000 as US Stock Selloff Weighs on Crypto

Cryptocurrencies hovered around $80,000 as fears over a selloff in US equities eclipsed President Donald Trump’s recent efforts to buttress the industry.

Among the biggest losers in Monday’s market-wide selloff were exchange-traded funds that seek to offer juiced-up returns on digital assets or crypto-linked themes. Daily Target 2X Long MSTR ETF, which used to make leveraged bets on the bitcoin-holding company Strategy, fell more than 32% for the day.

Stablecoin Backers Promote Lower Costs in Quest for Legislation

Financial technology executives plan to promote dollar-backed stablecoins as a way to lower transaction costs for US consumers and businesses at a key congressional hearing on Tuesday as political momentum builds for regulatory legislation to expand use of the tokens.

“A blockchain-based dollar can be transferred instantaneously, at virtually no cost, and held by anyone with simply an internet connection and smartphone,” Charles Cascarilla, chief executive officer of stablecoin issuer Paxos Inc., said in prepared testimony released in advance.

Singapore Exchange to List Open-Ended Bitcoin Futures Contracts

Singapore Exchange Ltd. plans to list Bitcoin perpetual futures as traditional exchanges push deeper into crypto derivative markets. 

Singapore’s largest exchange group intends to launch the contracts in the second half of 2025, a spokesperson said in an emailed statement. The company will strictly target institutional clients and professional investors, with retail customers barred from trading the instruments.

The move is the latest sign that established exchange operators are branching out into Bitcoin derivatives, as US President Donald Trump’s pro-crypto agenda boosts demand for digital assets exposure. Bloomberg News reported on March 4 that Japan’s Osaka Dojima Exchange Inc., which traces its roots to the 18th century, is planning to seek approval to list Bitcoin futures. 

Strategy Just Blew $21 Billion Buying Bitcoin. Now It's Paying The Price

Strategy has spent $21.2 billion since Nov. 10 to buy bitcoin whose value has fallen to around $17.3 billion as of Monday afternoon, an Investor's Business Daily analysis of company filings indicate. MSTR stock dived Monday as the bitcoin price tumbled to its lowest level of the year and Strategy announced plans to reload its arsenal for buying the cryptocurrency, albeit on less favorable terms.

Strategy, formerly known as MicroStrategy, said Monday that it hasn't bought any bitcoin since Feb. 23. The pause by the company that's been called a bitcoin market "whale" is contributing to the sell-off after the White House crypto summit came and went without any commitment by the Trump administration to add to the government's existing holdings of bitcoin or other cryptocurrencies.

Dogecoin Millionaire Labels Ongoing Crypto Meltdown A “Final Shakeout”

Glauber Contessoto, popularly known as SlumDOGE Millionaire, posted a series of optimistic takes on the cryptocurrency market on Monday, in stark contrast to the ongoing meltdown.

Contessoto took to X, saying, "The moment of truth, the final shakeout."

In another post, the legendary investor stated, "It's crazy how the bull run hasn't even started."

Peter Schiff Says Hard To See Rationale Of Trump's Crypto Reserve Move

On Monday, economist Peter Schiff questioned the U.S. government’s decision to hold Bitcoin BTC/USD as a reserve asset amid the apex cryptocurrency’s ongoing slump.

Schiff took to X to point out that Bitcoin’s market value has plunged 30% from its January record high, dropping below $77,000.

“It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly, ” Schiff remarked. “The rationale will be even harder to see when it’s down 50%.”

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday (Mar 10) was $278.55 million. The total net asset value of Bitcoin spot ETFs is $88.66 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.61%.

The Bitcoin spot ETF with the highest net outflow on Mar. 10 was Fidelity Wise Origin Bitcoin Fund, with a net outflow of $134.04 million. Following that was iShares Bitcoin Trust, with a net outflow of 89.24 million, according to SoSoValue.