Bitcoin dropped to $80,000 on Sunday before slightly recovering to $82,860 on Monday, marking a 10% decline over the past week. Ethereum, Tether, and XRP also fell by 1%, while Solana dropped 4% and Cardano lost 2%, extending its weekly losses to 24%.

The broader crypto market is reacting to recession fears fueled by Trump’s tariffs on Canada, Mexico, and China. Major business groups warn these import taxes could hurt industries and consumers. Goldman Sachs increased the likelihood of a U.S. recession within the next year from 15% to 20%, stating that planned 25% tariffs on steel and aluminum, set for March 12, could push that risk even higher. Trump, when asked about a recession, acknowledged the transition period but remained optimistic.

Crypto stocks also declined despite Trump’s plan to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The U.S. currently holds over 198,000 Bitcoin, worth $16.6 billion, along with other cryptocurrencies. Some in the industry expected more from the administration following SEC decisions favorable to crypto, while others praised the long-term benefits of the reserve.

At the White House Crypto Summit, Trump expressed enthusiasm for Bitcoin, telling industry leaders, “America will follow the rule every Bitcoin holder knows: Never sell your Bitcoin.” While uncertain if that strategy is correct, he acknowledged its success so far.