Bitcoin (BTC) sought a rematch with multimonth lows on March 10 as familiar selling accompanied the start of Wall Street trading.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price sags closer to new four-month lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD down around 4% on the day to reach $79,170 on Bitstamp.
Weakness into the weekly close continued as risk assets across the board suffered a flight to safety.
Stocks fell substantially at the open, with the S&P 500 and Nasdaq Composite Index down 2% and 3.5%, respectively.
Reacting, trading resource The Kobeissi Letter said that US government spending cutbacks at the hands of the Department of Government Efficiency (DOGE) played a role in the slump.
“While everyone is focused on the trade war, do not discount the impact of reduced government spending expectations,” it