Bitcoin, Ethereum, XRP, and Dogecoin Witness Notable Declines Ahead of an Imminent Crypto Market Crash

This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.

A crypto market crash appears to be imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.

Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline

CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.

This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.

The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.

This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.

Meanwhile, the US Federal Reserve also continues to hold out on cutting interest rates, which is another macro fundamental that continues to spark a bearish sentiment among investors. Although the Fed announced plans to slow balance sheet runoff starting April 1, Trump’s tariffs have overshadowed this move.

This post was originally published on TrustNodes.

The March PMI data came in weaker than expected, dropping to 49. The reading went down from 50 in February and missed expectations of 49.5.

The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January.

These data add to several macro fundamentals that paint a bearish outlook for the market. China, Japan, and South Korea have agreed to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs on Tuesday, which could significantly harm the market as it sets off a trade war between the US and other nations.

The US Federal Reserve is also continuing to hold out on cutting interest rates, which is another macro fundamental that continues to spark a bearish sentiment among investors. Although the Fed announced plans to slow balance sheet runoff starting April 1, Trump’s tariffs have overshadowed this move.

Several crypto analysts have suggested that the bull run is still far from over. For instance, Titan of Crypto noted that the Bitcoin price closed March a bit above the 38.2% Fibonacci retracement level, which keeps the bullish scenario alive for now, and all eyes will be on what April has in store.

On the other hand, crypto analyst Kevin Capital mentioned that BTC is simply in a correction phase, which will end soon. According to him, what is important is what the flagship crypto does afterward, whether it reaches new highs or only creates higher lows.

Despite BTC’s erratic price action, whales such as MicroStrategy are still actively accumulating more coins. Saylor’s company recently announced the purchase of 22,048 Bitcoins for $1.92 billion.