Bitcoin plummeted to $83,800, a 3.8% decrease in the last 24 hours. The CoinDesk 20 Index fell by 5.7%. Cryptocurrencies like Avalanche, Polygon, Near, and Uniswap saw nearly 10% losses. A massive $115 billion was wiped from the total crypto market value. Ethereum’s ether dropped over 6%, reaching its lowest relative price against Bitcoin since May 2020. No net inflows have been recorded for spot ETH exchange-traded funds since early March, while Bitcoin ETFs saw over $1 billion in inflows in the past two weeks. The S&P 500 and Nasdaq declined by 2% and 2.8%, respectively. Crypto stocks also took a hit, with MicroStrategy falling 10% and Coinbase dropping 7.7%. The February PCE inflation report indicated a 2.5% year-over-year increase in the price index, with core inflation at 2.8%. Consumer spending rose by 0.4%, but inflation-adjusted figures suggest minimal growth. The Atlanta Federal Reserve’s GDPNow model now forecasts a 2.8% contraction in the U.S. economy for the first quarter, adjusted to 0.5% considering gold imports and exports.
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