- Sebastjan Bele
- Updated: March 13, 2025
- Reading time: 6 min
Bitcoin Drops Below $80K, Trump’s Crypto Reserve, and SEC Shake-Up
The market continues to turn bearish, with Bitcoin briefly dropping below $77,000 before bouncing back above $80K and currently trading at $83K. Macro uncertainty, Trump’s tariffs, and a broader risk-off environment continue to weigh on sentiment.
On the economic front, inflation eased to 2.8% in February, according to the latest CPI report. While this suggests cooling inflation, market volatility remains elevated.
Meanwhile, crypto trading volume continues to decline, reflecting diminishing trader enthusiasm, according to analysts. At the same time, JPMorgan has raised its recession chances, further dampening market confidence.
On the regulatory front, Binance took action against a market maker for irregular trading on GPS and SHELL, while OKX secured a MiFID II license in Europe, signaling continued institutional interest in compliance.
At the institutional level, Michael Saylor is moving forward with a plan to raise $2.1 billion to purchase more Bitcoin, reinforcing long-term conviction despite short-term volatility.
Adding to market chaos, Hyperliquid lost $4 million after a whale’s $200M+ Ether trade unwound, marking another major event in a week of heightened turbulence.
News:
- Bitcoin recovers to above $82,000 as crypto market corrects risk-off sentiment
- Actions Taken on Market Maker for GPS and SHELL Due to Market Irregularities
- Crypto trading volume decline reflects diminishing trader enthusiasm — Analysts
- Base activity declines from January peak but remains top Ethereum L2
- Investors skitter off risk assets as JPMorgan raises recession chances
- Michael Saylor’s strategy to raise $2.1 billion to purchase Bitcoin
- Inflation rate eased to 2.8% in February, lower than expected
- Crypto exchange OKX secures MiFID II license in Europe
- Crypto trader swaps $733,000 for just $19,000 in large sandwich attack
- Hyperliquid loses $4M after whale’s $200M+ Ether trade unwinds
Table of Contents
Markets
Best Performers
It was a slow week for crypto, with market sentiment remaining cautious, as reflected in this week’s best performers.
Story (IP) takes the top spot, gaining 12.09%, driven by a series of partnerships and ecosystem developments. The biggest catalyst came from a March 10 listing on Kraken, which helped fuel investor interest and price appreciation.
Following closely is Celestia (TIA) and meme coin Pepe (PEPE), both showing steady gains despite broader market weakness.
Rounding out the top performers is PAX Gold (PAXG), a gold-backed cryptocurrency, which benefitted from investors seeking safety amid market volatility.
Chain Volumes
This week, not a single chain in the top 10 saw a volume increase compared to last week, reflecting a clear downtrend in overall market activity.
Ethereum still holds the top spot, but its weekly volume dropped 9.50%, settling at $20.21 billion. Solana remains in second place, but suffered a 24.72% decline, bringing its weekly volume down to $13.97 billion.
BSC (-14.58%), Arbitrum (-23.94%), and Base (-13.09%) all recorded double-digit declines, while Sui (-32.57%) and Hyperliquid (-24.20%) saw some of the biggest drops in weekly volume.
Even Tron, which made its way into the top 10 last week, saw a decrease of 9.90%, failing to maintain momentum. Polygon (-14.36%) also continued its decline, struggling to gain traction.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = -$4.88 billion
Total Assets Under Management (AUM) = $98.07 billion*
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $8.88 billion*
*The data for BTC / ETH ETFs can vary, so we use CoinGlass as our source.
Market Commentary
Given all the bullish news on crypto, it feels like traditional markets are holding it back. Trump said he’s not even looking at the markets – meanwhile, the S&P 500 is down 4.18%, NASDAQ has dropped 4.92%, and gold is up 0.96%, possibly indicating a shift toward risk-off investments.
Crypto-wide trading volume has been declining since its February peak, when CoinGecko data recorded $440 billion in daily volume. As of March 12, this number has dropped 63% to $163 billion, reflecting a clear slowdown in market activity.
Bitcoin once again failed to break out of the $92K resistance, dropping below $80K before bouncing back to settle at $83K. The total crypto market cap now stands at $2.7 trillion, down 9.4% from last week’s $2.98 trillion.
Ethereum is looking even worse, trading below $2K and reaching all-time lows compared to BTC, as Bitcoin dominance increases to 61.1%.
Meanwhile, sentiment remains cautious, with the Fear & Greed Index at 45 (Fear), signaling a hesitant market awaiting its next major move.
What’s Next?
Last week, we highlighted that Bitcoin needed to clear the $92K resistance to sustain bullish momentum—which it failed to do.
To be honest, price action (PA) isn’t looking too promising right now. We saw a pump when Trump announced the U.S. Crypto Strategic Reserve, but the move quickly retraced. While Bitcoin did print a higher low, it failed to confirm bullishness by making a higher high, with $92K resistance still holding strong.
From a technical perspective, printing a higher low and lower high is “not great, not terrible”, but Bitcoin’s recent low was quite drastic, leaving it in no man’s land.
The ideal scenario would be a pump toward $92K, but at this stage, that looks unrealistic. If it does happen, though, expect $100K to follow within a matter of days.
Most likely, we’ll see a choppy market. Even with bullish news, the market isn’t reacting as strongly as it used to. Tariffs, wars, and macro-political factors all play a big role in suppressing momentum, making it harder for crypto to break out of this uncertain range.
Sentiment on CT remains divided—some are calling for a confirmed bear market, while others argue that the bull market is far from over. With uncertainty still in the air, it’s worth preparing strategies for both scenarios as volatility remains high.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
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Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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