Bitcoin (BTC) Price Drops 8% to $79,177, Taking XRP and Dogecoin Down with It

The cryptocurrency market experienced a sharp decline after U.S. President Donald Trump hinted at a possible recession, triggering panic among investors.

The cryptocurrency market experienced a sharp decline on Monday after U.S. President Donald Trump hinted at a possible recession in an interview, triggering panic among investors and leading to a 8% loss for Bitcoin within the past 24 hours.

The transition process continues because our initiative spans on a wide scale. The market reacted to his ambiguous statement with doubt, which caused investors to sell their assets aggressively.

As a result, the Bitcoin Fear & Greed Index registered Extreme Fear again due to changes in market sentiment indicating bearish potentials.

After observing the price trend of Bitcoin, investment experts predicted additional price drops would happen if market selling intensity persisted strongly.

Meanwhile, crypto analyst Zach Rector explained how the asset’s value easily shifts by small changes in market capitalization through what he termed the “XRP market cap myth.”

The amount of $55 million outflow from XRP triggered its price drop despite the overall decrease of $15 billion in market capitalization.

Rector noted that the market cap multiplier for XRP sometimes went over 589x and even into the thousands, showing how easily its value changes with money moving in or out.

Some investors use market downtrends strategically to strengthen their positions.

Data shows that Dogecoin whales have intensified their accumulation activities during the last 72 hours.

On-chain analyst Ali Martinez announced on X (formerly known as Twitter) that the biggest whales accumulated 1.7 billion DOGE during the past three days. A large portion of investors seem to purchase Dogecoin as a sign of readiness for future market improvement.