Altcoin
BTC Slumps To $91K, ETH & Meme Coins Crash 20%
The global crypto market witnessed turmoil as the week kicked off, primarily in the wake of U.S. President Donald Trump’s new tariffs rattling broader markets. Bitcoin (BTC) price crashed as low as the $91K level on Monday, whereas altcoin prices dipped in sync. Simultaneously, the cryptocurrency sector recorded massive liquidations, underscoring investor uncertainty amid the rising heat of global trade wars.
Here’s a brief report on the most buzzworthy cryptocurrency market updates on February 3.
Crypto Market Slumps Amid Trade War Speculations With Trump’s New Tariffs
Following Donald Trump’s new import tariffs on Canada, Mexico, and China, global markets witnessed shockwaves as speculations of trade wars persist. In light of this saga, BTC & Altcoins showcased an alarmingly slumping action. Notably, ETH & leading meme coins lost roughly 20% value in the past 24 hours.
Further, the global cryptocurrency market cap dropped nearly 9.5% in value to $3.04 trillion over the past day. However, amid rising liquidations and selloffs, the total market volume rose by 182% to $286.91 billion.
Bitcoin Price Today Loses 5% Amid Broader Crypto Market Trend
Amid the broader market turmoil, BTC price witnessed a 5% dip to trade slightly above $94K as of press time. However, it’s notable that the coin’s intraday low and high were $91,242.89 and $100,485.89, respectively. Despite the falling action, BTC’s dominance was up 2.76% to 61.38%, indicating that alts have taken additional heat. Coinglass data indicated that the flagship crypto witnessed over $397 million worth of liquidations in the past 24 hours, aligning with the price drop.
Ethereum Price Dips Nearly 20%
ETH price witnessed an 18% decrease in value intraday and is currently trading at $2,551. The coin’s 24-hour low and high were $2,159.28 and $3,137.25, respectively. Even Ethereum mimics a crash in line with the broader trend as selloffs are on the rise. Lookonchain recently posted on X that an ETH whale that was dormant for over 6 years revived to sell all holdings right before the crash. Further, Coinglass data showed over $576 million worth of liquidations for the coin in the past 24 hours.
XRP Price Falls Below $2.5
XRP price plunged over 20% intraday and is currently sitting at $2.26. The coin’s 24-hour low and high were $1.95 and $2.92, respectively. XRP liquidations over the past day totaled $110.5 million, aligning with the broader crypto market trend.
Solana Price Slips 6%
Meanwhile, SOL price pulled back nearly 6% in the past 24 hours, reaching $197.46. The coin’s intraday bottom and peak were $180.41 and $215.54, respectively. Even SOL recorded $83 million worth of liquidations in the past 24 hours, per Coinglass data.
Meme Crypto Market Slumps In Sync
Dogecoin (DOGE) price fell by 22% in the past 24 hours, reaching $0.2326. Further, Shiba Inu (SHIB) price also tanked 21% intraday and is resting at $0.00001355. PEPE price crashed 26% to $0.000008983.
Overall, the meme coin market mirrors a bearish movement, aligning with the broader market trend.
Top Crypto Market Gainers Today
Some tokens have even defied the broader trend today by trading in the green zone:
Fartcoin (FARTCOIN)
Price: $0.7048
24-Hour Gain: +11%
Hyperliquid (HYPE)
Price: $22.76
24-Hour Gain: +2%
DeXe (DEXE)
Price: $21.34
24-Hour Gain: 1%
Top Crypto Market Losers Today
FLOKI
Price: $0.00008114
24-Hour Loss: -31%
Optimism (OP)
Price: $0.9035
24-Hour Loss: -31%
Filecoin (FIL)
Price: $2.95
24-Hour Loss: -30%
As mentioned above, the market’s slumping action aligns with investor uncertainty amid Trump’s new tariffs. In turn, the cryptocurrency sector has recorded over $2 billion worth of liquidations in the past 24 hours, per the Coinglass liquidation heat map. Market watchers remain uncertain at the moment, with some expecting recovery whilst others reflecting a bearish stance on future movements.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Dark Defender predicted that the XRP price could rally to $280, providing a bullish outlook for the crypto. The expert alluded to XRP’s historical performance as to why the coin could reach such an ambitious price target.
Crypto Expert Predicts XRP Price Rally To $280
In an X post, Dark Defender predicted an XRP price rally to $280 as he raised the possibility of the crypto replicating its 2017 bull run performance. In 2017, XRP witnessed a price rally of over 60,000% on its way to its current all-time high (ATH) at around $3.3.
The expert’s accompanying chart showed that XRP could reach this $280 target between 2026 and 2027, although the parabolic rally could begin this year as the crypto looks to replicate its 2017 performance.
Interestingly, crypto analyst Egrag Crypto had also made a similar prediction to Dark Defender. The analyst predicted that XRP could rally to $222 if history repeats itself, alluding to the 2017 bull run.
Coffee-Cup Pattern Shows Rally To $44 Is Possible
In an earlier post, Dark Defender made a more conservative prediction of an XRP price rally to $44 based on a ‘Coffee Cup’ pattern. He explained that this market pattern is a U-shaped formation on a price chart, indicating a potential bullish trend reversal after a downtrend. This pattern typically takes weeks to months to develop fully.
The expert stated that he has paired this pattern with the Elliot Waves, which has given a better picture of XRP’s future trajectory. He remarked that wave 3 is charging toward $5.85 and $18.22. Wave 5 is eyeing $36, while the cup’s depth plus Coffee level is brewing up for a rally to as high as $44.22.
XRP Is Testing Critical Resistance
In an X post, crypto analyst CasiTrades stated that the XRP price is testing critical resistance at around $2.54 and is currently sitting just below the trendline of a consolidation pattern. She further remarked that if the crypto breaks and holds above this $2.54 price level, the next targets are still $2.70 and $3.05.
The analyst had previously highlighted those price levels as the upside targets when she warned that XRP could drop to as low as $1.5 if it fails to hold above $2.42. Meanwhile, in her recent analysis, CasiTrades remarked that she is still leaning towards the idea that the crypto is still in the early stages of Wave 3.
The analyst added that it is just not obvious yet, but once XRP breaks previous highs, the crypto could rally to $9.50 for the official Wave 3 extension. She noted that this aligns with the macro $8 to $13 price target.
Crypto analyst Ali Martinez predicted that the XRP price could soon rally to $5. He stated that if XRP avoids closing below the head-and-shoulders neckline and breaks above the right shoulder instead, it could invalidate the bearish pattern. He added that this move might trigger a bullish breakout toward $5.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
United States President Donald Trump’s much-talked-about crypto summit produced plenty of soundbites and policy plans that will satisfy investors, analysts, and casual observers. One of the most intriguing policy statements came from the US Treasury Secretary Scott Bessent, who called for comprehensive and transparent regulations on stablecoins.
Secretary Bessent further stated that the US government plans to use stablecoins to back up the US dollar and retain its status as the primary global currency reserve.
The White House Crypto Summit on March 7th was the biggest gathering and attracted many crypto personalities. In addition to Trump and Bessent, the White House summit hosted Zach Witkoff of World Liberty Financial, Strategy CEO Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, entrepreneur David Bailey, and investors Cameron and Tyler Winklevoss.
A Gathering For The Planned Crypto Reserve
Friday’s White House gathering focused on conversations on a strategic reserve for Bitcoin and crypto. Trump has already issued an executive order to create a stockpile for other crypto assets. This executive order authorizes the secretaries of Commerce and Treasury to propose “budget-neutral strategies” that can finance the acquisition of additional Bitcoins without passing the burden to taxpayers.
Image: StormGain
Trump reiterated that the planned reserve must not burden US taxpayers. According to crypto czar David Sacks, the reserve shall be built on Bitcoins currently controlled by the US government that were forfeited as part of civil asset and criminal forfeiture proceedings.
Stablecoins To Help Protect US Dollar
Another key theme during the summit was the growing importance of stablecoins, particularly in propping up the US dollar. Trump and Bessent issued statements supporting stablecoins. In his speech, Bessent echoed the president’s plan to end the war on cryptocurrencies. He then turned and talked about stablecoins, and shared that these tokens are part of the financial planning.
In his speech, Bessent admitted that they’re looking at stablecoins and that, upon Trump’s instructions, they will work to keep the USD as the dominant world currency.
Fed Governor Waller Pitches For Stablecoins
Federal Reserve Governor Christopher Waller also supported stablecoins in February 2024. He explained that increasing demand for stablecoins can address or mitigate crypto’s impact on the dollar’s market share.
For Waller, the US can rely on stablecoins by addressing capital controls in other countries and boosting payment rails. Responding to these suggestions, US representatives Bryan Steil and French Hill have already forwarded a stablecoin bill, the Stable Act of 2025, to draft transparent regulations for these tokens.
Featured image from Pexels, chart from TradingView
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Pi Network (PI) is making waves in the crypto community with its explosive growth and increasing adoption. The popular cryptocurrency, which has been a hot topic due to its unique mining model and closed mainnet, is now gaining an unprecedented following on the X social media platform. The cryptocurrency is also rivaling top meme coins like Dogecoin (DOGE), quickly approaching the size of the meme coin’s loyal fanbase.
PI Network Closes In On Dogecoin With 4 Million Followers On X
Pi Network has achieved an incredible milestone by reaching 4 million followers on X, signaling a significant step forward in its rapid rise within the crypto market. This rapid growth and adoption positions the cryptocurrency on the verge of matching or even surpassing the social media presence of Dogecoin which has 4.3 million followers on X.
Since its inception in 2019, Pi Network has captured the attention of crypto enthusiasts, offering user-friendly and mobile-based mining services. This mining activity clearly contrasts with traditional cryptocurrencies like Bitcoin, which require high-powered hardware for mining.
To commemorate its massive growth, the team behind Pi Network took to X on March 5 to announce its milestone of reaching 4 million followers on X. They congratulated community members and PI enthusiasts who helped support the cryptocurrency in hitting this goal.
In addition to its growing adoption on X, Pi Network has become one of the trendiest cryptocurrencies in the market. While other top digital assets struggle with the broader market volatility and experience price declines, the value of PI is surging at an unexpected rate. CoinGecko has ranked PI Network as the number one trendy cryptocurrency in its top 20 list. The popular cryptocurrency has surpassed top dogs like Dogecoin, Ethereum, Cardano, Solana, XRP, Bitcoin, and other major digital currencies.
CoinMarketCap also ranks Pi Network as the 11th largest cryptocurrency by market capitalization, just two positions from Dogecoin’s 9th. This rapid growth to the 11th position underscores PI’s impressive growth in just a few weeks.
Community Advocates For Binance Listing For PI
Rumors of a potential PI Network listing on Binance, the largest crypto exchange, have been spreading across the crypto market. This speculation grows as the crypto community pushes for this integration on Binance.
The PI blockchain on X made a bold request on February 5, demanding Binance to officially list the Pi Network and make it available for trade on its exchange. Calling on all PI supporters and community members, the PI blockchain urged investors and holders to continually advocate for the listing and ensure their voices are heard.
Interestingly, an X user named ‘Satoshi Nakamoto’ reported that 86% of Binance community members had voted in favor of listing the Pi Network. Despite these results and the ongoing pressure from the PI community, Binance has yet to make an official statement.
Featured image from Live Science, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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