Hassan Maishera
TL;DR
-
Bitcoin briefly dropped below $93k on Sunday, losing over 6% of its value.
-
The market’s poor performance comes as Donald Trump announces tariffs.
Crypto Market Liquidates Over $188B as Bitcoin Dips Below $93k
The cryptocurrency market was extremely bearish over the weekend, with Bitcoin and other major cryptocurrencies losing over 6% of their value. Bitcoin, the leading cryptocurrency by market cap, dipped by 6% on Sunday and briefly traded below $93k.
BTC has slightly rebounded and now trades above $94k per coin. The bearish performance comes as President Donald Trump announced upcoming tariffs on imported goods, which appeared to cause a broad sell-off in risk assets.
Investors fear that the trade war with Canada, Mexico, and the BRICS countries would fuel inflation and cause interest rates to stay higher for a longer period.
With Bitcoin dropping to the $92k region, altcoins recorded bigger losses. Ether, the second-largest cryptocurrency by market cap, lost 18% of its value in the last 24 hours and now trades at $2,544.
XRP has fallen 19% in the last 24 hours and has lost its third-place market position to Tether’s USDT. Cardano's ADA is the worst performer in the top 10, losing 22% of its value on Sunday.
JUST IN: Over $188 billion was wiped out from the crypto market in the past 24 hours. pic.twitter.com/Vzhp1w8cg2
— Watcher.Guru (@WatcherGuru) February 3, 2025
The bearish performance saw leveraged traders lose over $188 billion in the last 24 hours, making it one of the largest liquidations in the crypto market in recent months. The total cryptocurrency market cap now stands at $3.07 trillion and could dip further if the bearish momentum continues.
