Bitcoin retreated to $85,000, erasing gains from last weekend’s U.S. crypto reserve hype sparked by President Donald Trump. Crypto markets reversed course after approximately $330 billion flowed into Bitcoin ( BTC ) and other digital assets on Sunday, March 2, marking one of the strongest daily increases ever recorded for cryptocurrencies. The total crypto market capitalization fell more than 10%, dropping to $2.9 trillion after previously surging to $3.2 trillion. Bitcoin’s 8% decline below $85,500 amid a broad market sell-off wiped out all the Trump-fueled gains from the weekend. The U.S. President had announced plans for a multi-asset national crypto reserve, briefly uplifting digital asset prices. 24-hour BTC price chart – March 3 | Source: crypto.news You might also like: Safe Wallet responds to Bybit hack with major security improvements The crypto market rally faded during trading hours on Monday, March 3, with altcoin prices sliding back to pre-weekend levels. Major coins like Ethereum ( ETH ), ( XRP ), Solana ( SOL ), and Cardano ( ADA ) posted double-digit losses in 24 hours. Stock markets also took a hit as President Trump reaffirmed tariffs on Canada and Mexico, set for enforcement on March 4. The Dow Jones Industrial Average and S&P 500 indices shed 1.48% and 1.76% but the tech heavy Nasdaq index lost 2.64%. Crypto-related stocks faced heavily selling pressure. Crypto broker Coinbase Global (NASDAQ: COIN) lost 4.58% while rival Robinhood (NASDAQ: HOOD) was down 6.41%. MicroStrategy’s (NASDAQ: MSTR) stock fared better, down 1.77%. The market flush also closed on-chain leveraged positions. Per CoinGlass, crypto liquidations crossed $800 million in the past day and closed on the $1 billion mark. Previously, crypto.news reported that Bitcoin’s price may fall below $86,000 due to a gap in the CME BTC futures and tepid demand indicated by lackluster open interest. The gap has now closed according to TradingView charts. Read more: Bitcoin CME futures gap widens by $6k
