Dogecoin, Cardano drop over 10% as bitcoin dips below $83,000
Quick Take
- Bitcoin’s Sunday slide below $83,000 led a market-wide price decline with Dogecoin and Cardano each dropping by more than 10%.
- Both altcoins had recovered slightly late Sunday afternoon.
Bitcoin's sliding below $83,000 on Sunday led a market-wide price decline with popular altcoins Dogecoin and Cardano each dropping by more than 10%.
Dogecoin rebounded slightly from a daily low but the token was still down by nearly 12% at $0.17 as of 4:24 p.m. ET, according to The Block Price Page. Cardano, or ADA, which also recovered marginally Sunday afternoon was trading hands at $0.74 as of 4:24 p.m. ET, down 10% on the day.
The world's largest cryptocurrency bitcoin at one point fell below $83,000, fluctuating around a 4% decline for much of Sunday. Although U.S. President Donald Trump signed an executive order last Thursday creating a Strategic Crypto Reserve, which includes stockpiling bitcoin, the price of the digital asset has been declining in recent weeks and days.
Bitcoin's price decline and uptick in volatility has coincided with a broader sell-off in equities triggered by Trump's tariffs while gold's status as a traditional safe-haven asset has improved, with the commodity's price surging last Tuesday.
While Dogecoin's price has been under pressure for the last few months, Cardano's price has held steadier than other top altcoins during the past month including both Solana and XRP, each of which are down considerably in the last 30 days.
Cardano seems to have benefitted somewhat from speculation that exchange-traded funds tracking its price will soon be approved.
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