March 10 Crypto News – Treasury Secretary Denies Recession Threat: What Does It Mean for Bitcoin and Crypto?

March 10 Crypto News – Is a U.S. Recession Inevitable? Treasury Secretary Lutnick Rejects Fears While Crypto Crashes

March 10 Crypto News – U.S. Treasury Secretary Howard Lutnick firmly rejected concerns about a potential recession, despite growing apprehension in the markets. Speaking on the Meet the Press show, Lutnick confidently stated, “There’s going to be no recession in America,” comparing the current situation to last year’s predictions about Donald Trump’s political future. According to Lutnick, the U.S. economy is on solid footing and is primed for growth.

Tariffs and Economic Growth: Lutnick’s Strategy for the Future

Lutnick also defended the Trump administration’s tariff strategy, arguing that it would drive economic growth by forcing other countries to lower trade barriers. He predicted that this would result in $1.3 trillion in new investment, unleashing American economic potential. While acknowledging that tariffs might raise the cost of foreign goods, Lutnick framed them as part of a broader effort to reduce the U.S. deficit and lower borrowing costs, ultimately driving down interest rates and mortgage prices.

Crypto Market Reacts: Bitcoin and Altcoins See Decline

Despite Lutnick’s optimism, the crypto market has not shared the same sentiment. Bitcoin (BTC) dropped 7% on Sunday, falling to around $80,000, nearing its 2025 low of $78,000. Other major cryptocurrencies, including Ether (ETH), Solana (SOL), and XRP (XRP), followed the downward trend, while meme coins like Dogecoin (DOGE) and Cardano (ADA) experienced a sharp 12% decline.

Market Sentiment Shifts: Odds of Recession Climb

Meanwhile, the growing sentiment of a slowdown is reflected in Polymarket data, where the probability of a U.S. recession in 2025 has increased to 41%, a 16% jump in recent weeks. The latest U.S. jobs report revealed that 151,000 jobs were added in February, slightly in line with expectations. However, the unemployment rate ticked up to 4.1%, and January’s job gains were revised lower.

Signs of Slowing Growth: Federal Reserve Predictions

Signs of slowing growth are emerging, with the Atlanta Fed’s GDPNow model forecasting a negative 2.8% growth rate for Q1 2025. Despite this, other predictions suggest only a 3% chance of a recession before May, as the first quarter ends on March 31.

The ongoing uncertainty has left both traditional and crypto markets in a state of caution.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.