The cryptocurrency market has been experiencing volatility due to the uncertainty surrounding the economic policies of U.S. President Donald Trump, contributing to the decline.
The broader cryptocurrency market followed suit, shedding 5% of its value and dropping to approximately $2.77 trillion. Solana suffered a 7% loss, while XRP and Ethereum both fell by 5%, with Ethereum hovering around the $2,000 mark.
In February, Solana saw over $485 million in outflows, as investors shifted capital toward Ethereum, Arbitrum, and the BNB Chain. Binance Research reports suggest this migration highlights a broader trend of crypto investors seeking safer assets amid rising market risks.
Solana’s decline, alongside the broader market downturn, has contributed to a nearly 17% drop in total cryptocurrency market capitalization since the start of 2025. The market’s vulnerability has been further exacerbated by a surge in memecoin scams, prompting more cautious investment behavior.
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Despite the downward trend, Bitcoin’s dominance remains relatively stable at 58.2%.
The market slump has also triggered massive liquidations, with Coinglass reporting $616 million in liquidations over the past 24 hours, according to Blockchain.com price tracker. Long positions were hit hardest, with $540.49 million in losses, including $231 million in Bitcoin liquidations alone.
Adding to the volatility, Bitcoin futures on the Chicago Mercantile Exchange (CME) opened at $82,110 on March 10, down $4,320 from the previous day’s close of $86,430. This follows a significant $10,350 drop on March 3, marking the second-largest single-day plunge for CME futures this month.
The downturn was further fueled by President Trump’s comments in a Fox News interview on March 9, where he warned of “temporary economic pain” resulting from his proposed economic policies, including budget cuts and trade tariffs. His remarks have intensified concerns about market instability, prompting cautious sentiment in both cryptocurrency and broader financial markets.
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