Crypto Market Drops 3.60% Today – Here’s What Happened In Market

Table Of Contents

What’s Happening in the Crypto Market Today?
Bitcoin Slides After Trump’s Strategic Crypto Reserve Announcement
Trump Family Faces $110 Million Crypto Portfolio Loss
Bybit CEO Criticizes Pi Network, Questions Its Integrity
BBVA to Launch Bitcoin and Ethereum Trading in Spain
Crypto Fear & Greed Index Hits 'Extreme Fear'
Conclusion: A Mixed Bag of Signals for the Crypto Market

What’s Happening in the Crypto Market Today?

The crypto market witnessed a notable downturn today, with the global market cap slipping by 3.60% to $2.7 trillion. Interestingly, even as prices fell, trading activity surged, with total market volume jumping by 122.76% to $113.82 billion in the past 24 hours.

Breaking this down further, DeFi protocols contributed $6.97 billion, accounting for 6.12% of the total trading volume, while stablecoins like USDT and USDC dominated the scene, making up 93.72% of all transactions with a massive volume of $106.67 billion.

Bitcoin Slides After Trump’s Strategic Crypto Reserve Announcement

In a surprising move on March 7, U.S. President Donald Trump signed an executive order aimed at establishing a strategic crypto reserve—a digital asset stockpile held by the government. While many expected this move to boost investor confidence, it had the opposite effect on the market.

Bitcoin’s price dropped by 3.83%, falling to $81,923.74, shortly after the announcement. According to White House crypto advisor David Sacks, the reserve will be funded solely through government-held Bitcoin assets, with no taxpayer money involved. However, doubts remain about the project’s long-term viability due to a lack of a dedicated budget, which may be why the market reacted negatively.

Trump Family Faces $110 Million Crypto Portfolio Loss

Adding to the market anxiety, a crypto project endorsed by the Trump family, WLFI, suffered a sharp loss. Their investment, initially valued at $336 million, has now fallen to $226 million, registering a $110 million loss.

Their portfolio is heavily tied to Ethereum (ETH), which accounts for 65% of their total holdings. With the family buying ETH at an average of $3,240, the recent price correction has led to significant portfolio depreciation. Broader market volatility and macroeconomic uncertainties have only amplified their losses.

Bybit CEO Criticizes Pi Network, Questions Its Integrity

In another major development, Bybit CEO Ben Zhou has voiced serious concerns about Pi Network, labeling it “more dangerous than meme coins” and even comparing its model to a Ponzi scheme.

Zhou raised issues with Pi Network’s opaque reward structure and lack of operational transparency. His remarks came amid growing speculation about whether Binance will list Pi Network, even though it secured 87.1% of community votes in a recent “Vote to List” campaign.

These comments have stirred doubt in the crypto community, with many now questioning the project’s legitimacy and listing prospects.

BBVA to Launch Bitcoin and Ethereum Trading in Spain

On a positive note, Spain’s second-largest bank, BBVA, has announced plans to roll out Bitcoin and Ethereum trading services, following regulatory approval from the CNMV (Comisión Nacional del Mercado de Valores).

The service, set to launch on March 10, will initially be available to selected users via the BBVA mobile app, with broader access expected in future phases. BBVA has already been offering crypto trading and custody solutions in Switzerland since 2021, making this expansion a significant step toward mainstream adoption in Europe.

Crypto Fear & Greed Index Hits ‘Extreme Fear’

Investor sentiment has taken a sharp hit. Today’s Crypto Fear and Greed Index sits at 20, indicating “Extreme Fear”—a stark drop from yesterday’s level of 27.

Over the past week, the index has hovered around 33 (Fear), and a month ago it stood at 44, still within the “Fear” range. These fluctuations reflect the growing uncertainty and caution among retail and institutional investors alike.

Conclusion: A Mixed Bag of Signals for the Crypto Market

Today’s market activity shows a blend of regulatory developments, investment setbacks, and institutional progress. While the Trump administration’s crypto reserve plan and BBVA’s new trading service point toward digital asset adoption, ongoing volatility and skepticism—especially around projects like Pi Network—continue to fuel market unease.

As per Coingabbar’s analysis, the coming weeks will be crucial in shaping sentiment and momentum. Traders and investors would be wise to watch both regulatory signals and institutional moves closely before making any major decisions.