11-3-2025 – Cryptocurrencies faced mounting pressure amidst broader concerns in American financial markets, overshadowing recent governmental initiatives championed by President Trump.
The digital currency landscape witnessed notable turbulence as Bitcoin, the premiere cryptocurrency, experienced a decline exceeding 3% during early Asian trading hours on Tuesday. More dramatically, Ether, its closest rival, plummeted by 6% to $1,756, touching levels not witnessed since autumn 2023, though both digital assets subsequently showed signs of recovery.
The cryptocurrency market’s volatility appears intrinsically linked to the pronounced sell-off in American technology shares, with the Nasdaq 100 suffering its most substantial single-day decline since 2022, plunging 3.8%. This downturn coincided with President Trump’s cautionary remarks regarding potential economic disruptions stemming from ongoing trade disputes with neighbouring nations and China.
Whilst Trump’s recent executive order establishing a national Bitcoin reserve and alternative token stockpile initially sparked interest during the Washington crypto summit, market enthusiasm proved fleeting. The Treasury and Commerce departments’ mandate to develop cost-neutral acquisition strategies effectively dampened immediate market impact.
Particularly hard-hit were specialised exchange-traded funds focusing on amplified returns in the digital asset sphere. Notable casualties included two ETFs linked to Strategy (formerly MicroStrategy), which witnessed devastating daily losses exceeding 30%.
FalconX Global’s Co-Head of Markets, Joshua Lim, observed that with the strategic reserve executive order now established, the crypto market faces fewer positive catalysts, leaving it increasingly susceptible to broader economic sentiment.
Despite the market turbulence, Evergreen Growth’s head of crypto investments, Hayden Hughes, maintained an optimistic outlook, suggesting the market’s negative reaction appeared excessive. Hughes identified potential support levels for Bitcoin at $73,000 and $70,000, predicting robust buying activity at these thresholds. The flagship cryptocurrency was trading at $79,300 during Singapore’s Tuesday morning session.