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Bitcoin's Value Plummets Amid Market Uncertainty

Bitcoin experienced a significant dip of close to 10% to $85,321.69 on March 3, attributed to trade tariff apprehensions and uncertainties surrounding a U.S. Crypto reserve proposal under the former President Donald Trump's administration. The next day, on March 4, Bitcoin's value stood at $83,165.06, while Ether plummeted by over 15% and other cryptocurrencies such as XRP and Solana saw a drop of nearly 20% in a widespread market sell-off. Investors raised doubts about the approval chances of Trump's suggested crypto reserve, which hinged on collecting assets mainly from confiscated holdings. Analysts point out that concerns regarding trade tariffs and U.S. economic growth are impacting confidence in the cryptocurrency market, leading to a general aversion to risk.