Bitcoin (BTC) continued its decline on March 9, briefly hitting an intraday low of $82,201, down 4.4% over 24 hours and 11.2% over the past week. The slide triggered a cascade of losses across the cryptocurrency market, with altcoins suffering sharp declines. Dogecoin (DOGE) led the drop among top-tier assets, losing 12.8%, while PI Network (PI) suffered the most extreme fall, plunging 21.66%.
Bitcoin Deepens Losses Amid Macro Headwinds
As of 3:30 PM ET on Sunday, Bitcoin was hovering around $82,803, failing to regain momentum. Market participants attribute the weakness to growing uncertainty over former President Donald Trump's potential trade tariffs and persistent global inflation fears. Trading volume picked up to $25.06 billion in the morning session, but the uptick largely reflected continued selling pressure. Binance, OKX, and Crypto.com dominated spot trading activity, handling the bulk of BTC volume.
Altcoins in Freefall: DOGE, PI, and XRP Hit Hard
Among the top ten cryptocurrencies by market cap, Dogecoin posted the worst performance with a 12.8% drop. XRP followed closely, shedding 7.9%. However, the most dramatic carnage occurred outside the top tier. PI Network cratered 21.66%, while SPX6900 (SPX) and Jasmy (JASMY) fell 19.50% and 17.68%, respectively. The broad-based sell-off reflects a sharp flight from risk as investors reassess digital asset valuations.
Derivatives Market Meltdown: $4.872 Billion Liquidated, 199,301 Traders Wiped Out
The crypto derivatives market suffered one of its most brutal days in recent weeks. According to reports, total liquidations across all exchanges reached approximately $4.872 billion over the past 24 hours, impacting 199,301 traders. Bitcoin long positions accounted for $134 million in losses, while Ethereum (ETH) longs saw $88.13 million wiped out. Such a heavy wave of liquidations exacerbates downward momentum and may trigger further forced selling if prices fail to stabilize.
Analysts note that Bitcoin's breach of the $83,000 support level could open the door to a test of $80,000 in the near term. With no clear bullish catalysts on the horizon, traders are advised to brace for continued volatility.