Crypto Currency

Bitcoin sinks, XRP, ADA, DOGE dip as Trump stirs recession fears amid rising trade conflict

Key Takeaways Bitcoin and altcoins plunge amid growing economic uncertainty. Market reactions remain tepid as the Strategic Bitcoin Reserve will not involve new government purchases for now. Share this article Fears of a looming recession, coupled with escalating trade tensions between the US and Canada, triggered Bitcoin price drops and altcoin sell-offs on Sunday night.

Key Takeaways

  • Bitcoin and altcoins plunge amid growing economic uncertainty.
  • Market reactions remain tepid as the Strategic Bitcoin Reserve will not involve new government purchases for now.

Share this article

Fears of a looming recession, coupled with escalating trade tensions between the US and Canada, triggered Bitcoin price drops and altcoin sell-offs on Sunday night.

Speaking on Fox News’ Sunday Morning Futures, Trump avoided directly addressing recession possibilities in 2025, saying he hated predicting “things like that.” He emphasized his economic policies aim to bring wealth back to America, though the transition may take time.

Trump’s tariffs on imports from countries like Canada, Mexico, and China have been a source of market volatility. Despite this, the US President defended his approach as necessary for achieving his economic goals.

Also on March 9, Mark Carney, a former governor of the Bank of Canada, won the Liberal Party leadership election, replacing Justin Trudeau as Canada’s prime minister.

The new prime minister-elect went off on Trump in his first speech, stating that Trump won’t succeed in his trade war with Canada.

“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Carney said. Trump has repeatedly referred to Trudeau as the “Governor” of Canada, suggesting that Canada would be better off as the 51st U.S. state.

“My government will keep our tariffs on until the Americans show us respect,” he said. Canada has imposed 25% tariffs on US consumer goods in retaliation to Trump’s tariffs.

Bitcoin fell below $81,000 following Carney’s victory, according to CoinGecko data. At press time, BTC recovered slightly above $82,000, down 4% in the last 24 hours.

Market turmoil deepened as Bitcoin declined. Ether and XRP each shed more than 6%, while Dogecoin dropped over 10%.

Other top coins like BNB, Solana, Cardano, and TRON also saw significant losses, while lower-cap tokens such as Injective, Maker, and Render experienced double-digit drops.

The total crypto market capitalization decreased 6% to $2.8 trillion within a day. Leveraged liquidations reached $600 million, with approximately $530 million in long positions eliminated, according to Coinglass data.

The Atlanta Federal Reserve’s GDPNow model has revised its forecast for the first quarter of 2025, predicting a GDP contraction of 2.4%. This downward revision reflects weaker-than-expected consumer spending and a widening trade deficit, raising concerns about a potential recession.

Market reaction to Trump’s Bitcoin reserve: A mixed bag

The market turbulence continued after Trump’s Thursday executive order establishing a Strategic Bitcoin Reserve, which initially sparked selling pressure due to limited details about funding beyond existing US-held Bitcoin.

US Treasury Secretary Scott Bessent said Friday that discussions are underway about additional BTC acquisitions, but the first step is to halt the sale of seized Bitcoin.

He also noted that while the current focus is on Bitcoin, the broader strategy is to establish a comprehensive crypto reserve.

While some analysts view the reserve’s creation as formal recognition of Bitcoin’s role as a strategic asset, positioning it alongside traditional reserves like gold, this recognition has not translated into immediate market confidence.

Crypto community members also had mixed reactions to the White House Crypto Summit held after the executive order.

Speaking at the event, Chainlink co-founder Sergey Nazarov expressed optimism that US officials are now actively engaging with the blockchain and crypto industry, which he believes could help the country stay at the forefront of financial innovation.

“Me and other people in the room do believe that the crypto, blockchain, Web3 infrastructure is the next iteration of the financial system,” Nazarov said. “And I think that the US should have its leadership position continue in that new financial system.”

Multicoin Capital managing partner Kyle Samani also viewed the event positively, labeling it a “historic moment” for crypto.

In contrast, Coin Bureau CEO Nic Puckrin and Bitcoin maximalist Justin Bechler expressed disappointment, questioning the summit’s impact and criticizing its approach.

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These 3 crypto stocks could actually beat bitcoin ETFs, says TD Cowen

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email These 3 crypto stocks could actually beat bitcoin ETFs, says TD Cowen Analyst Lance Vitanza is betting that digital asset treasury”companies like Nakamoto, Sharplink and Strive can outperform standard crypto ETFs by aggressively stacking coins and capturing staking yields. By Helene

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These 3 crypto stocks could actually beat bitcoin ETFs, says TD Cowen

Analyst Lance Vitanza is betting that digital asset treasury”companies like Nakamoto, Sharplink and Strive can outperform standard crypto ETFs by aggressively stacking coins and capturing staking yields.

By Helene Braun, AI Boost|Edited by Stephen Alpher
Updated Apr 10, 2026, 2:54 p.m. Published Apr 9, 2026, 8:48 p.m. 2 min read
Make preferred on
(Kevin Carter/Getty Images)

What to know:

  • TD Cowen analyst Lance Vitanza initiated coverage of Nakamoto, Sharplink and Strive with buy ratings, arguing they could outperform spot crypto ETPs if digital asset prices rebound and token holdings per share keep rising.
  • Vitanza’s price targets—$1 for Nakamoto, $16 for Sharplink and $26 for Strive—assume bitcoin reaches about $140,000 and ether about $3,650 by late 2026, supporting sizable projected dollar gains for each firm.
  • He contends that the companies’ operating businesses and treasury strategies, including bitcoin and ether accumulation, minority stakes, and staking income, could generate better yields than spot crypto funds and help cover costs even in weaker markets.

After declines of 90% or more in digital asset treasury companies Nakamoto (NAKA), Sharplink (SBET) and Strive (ASST), TD Cowen’s Lance Vitanza is spotting value.

He argued that each could outperform spot crypto exchange-traded products if crypto prices recover and the firms keep expanding token holdings on a per-share basis.

Nakamoto Holdings

Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting nearly a five-hold increase from today’s close of $0.21. He based that target on estimated bitcoin dollar gains of $394 million for fiscal 2027, a 2x multiple and a bitcoin price of about $140,000 at the end of 2026.

He said Nakamoto stands out among public bitcoin treasury companies because it combines direct bitcoin accumulation with minority stakes in overseas treasury firms such as Metaplanet and Treasury BV. He also pointed to operating businesses in media, bitcoin advocacy and digital asset management, saying those assets create “distinct synergy potential.”

SharpLink

Starting Sharplink (SBET) with a buy rating and a $16 price target, Vitanza sees dollar gains of $93 million for fiscal 2026, a 2x multiple and an ether price of about $3,650 by December 2026. SBET closed Thursday at $6.42.

He described Sharplink, which is led by ex-BlackRock head of digital assets, Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum treasury company that aims to grow ether per share through treasury operations and staking. Vitanza said the company may deliver better staking yield than spot ether ETPs because fund investors absorb fees, and many products cannot stake a large share of holdings.

He also argued that even if ether stays weak, staking income should more than cover operating costs. That, he said, could help Sharplink continue to produce positive ETH yield while it waits for capital markets to reopen.

Strive

Vitanza initiated Strive (ASST) with a buy rating and a $26 price target, or nearly triple today’s closing price of $9.64. He tied that target to estimated bitcoin dollar gains of $142 million for fiscal 2026, a 2x multiple and bitcoin at about $140,000 by year-end 2026.

He said Strive is the first public bitcoin treasury company to acquire another one, citing its January 2026 purchase of Semler Scientific. Vitanza called it a “watershed event” and said it supports the view that Strive could become a logical consolidator if more treasury companies trade at a discount to the value of their bitcoin.

He also highlighted Strive’s mix of asset management, social media marketing and bitcoin education businesses. In TD Cowen’s view, those units could support treasury operations and help the company outperform spot bitcoin funds in a favorable market.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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