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Here’s Why Bitcoin, Ethereum, And The Entire Crypto Market Is Crashing Today
Bitcoin, Ethereum, and the broader crypto market have experienced massive price crashes, dropping to levels not seen in a while. This development is due to macroeconomic factors which have sparked a wave of sell-offs among crypto traders.
Why Bitcoin, Ethereum, And The Broader Crypto Market Is Crashing Today
CoinMarketCap data shows that the crypto market has dropped by over 10% in the last 24 hours. Specifically, Bitcoin has crashed by over 6% and dropped to as low as $92,000, while Ethereum has crashed by 20% and dropped to as low as $2,400. This price crash follows US President Donald Trump’s tariffs on Mexico, Canada, and China.
Over the weekend, Trump announced a 25% tariff on imports from Mexico and Canada and a 10% on imports from China. The US President also threatened to impose tariffs on the European Union (EU). In response to this development, Mexico and Canada have also imposed retaliatory tariffs on the US. Meanwhile, China has also threatened to respond to these tariffs.
This has brought about a potential trade war, which is bearish for risk assets like Bitcoin, Ethereum, and other cryptocurrencies. Trade wars could negatively impact the economies of the countries in question and have raised concerns about stagflation and recessions. Bearing this in mind, traders have moved to offload their coins in fear of the unknown.
Renowned author and finance expert Robert Kiyosaki had warned about an impending crash for Bitcoin, Ethereum, and the broader crypto market due to these tariffs. However, he added that this was an opportunity to buy these assets on sale rather than panic. According to him, the real problem is debt, which will only get worse. As such, he expects these crypto assets to become more valuable over time.
Bitcoin, Ethereum, and the broader crypto market still risk suffering more sell pressure depending on how the stock market reacts to these tariffs. Moreover, institutional investors are invested in Bitcoin and Ethereum through ETFs, which could spark another wave of sell-offs as they offload their shares in these funds.
Donald Trump Comes Under Fire
Members of the crypto community have criticized Donald Trump, seeing as the ‘pro-crypto’ US president has indirectly contributed to the downtrend that Bitcoin, Ethereum, and the broader crypto market have faced. Even before now, there has been a bearish sentiment in the crypto market, as the president seems to be stalling on creating a strategic Bitcoin reserve.
Although Trump signed an executive order that raised the possibility of the creation of a national crypto stockpile, market experts like Galaxy Digital’s Head of Research Alex Thorn have explained that this stockpile is far off from a strategic reserve. Meanwhile, Trump has also been criticized for the creation of his TRUMP meme coin, which is believed to have drained liquidity from Bitcoin, Ethereum, and the broader crypto market.
Featured image from Unsplash, chart from Tradingview.com
Crypto analyst CasiTrades has revealed what could come next for the XRP price following its rebound above the crucial $2.60 level. XRP is one of the top cryptocurrencies that has achieved a major bounce following the pause of tariffs imposed by the US on Mexico and vice versa.
What Next For The XRP Price
In an X post, CasiTrades revealed that the XRP price breakout above $2.67 would invalidate the need for another low and signal that the bottom is in. She had remarked that failure to break through the resistance at $2.67 would have led to another wave down to the .618 retracement level at $1.53.
However, with the XRP breakout above $2.67, the crypto is again in bullish territory and could target new highs. The crypto analyst mentioned that she expects the next move to be “explosive.”
With XRP confirming its low with a breakout above $2.67, CasiTrades predicts that the next move should be far more aggressive to the upside. The crypto analyst remarked that this time around, she doesn’t expect the crypto to stall at previous all-time highs (ATHs) between $3.58 and $3.80.
Instead, she believes that XRP will see a major breakout with much less resistance as it moves into new ATHs. The crypto has already shown strength as it has been one of the major gainers since the US and Mexico agreed to delay tariffs for a month earlier today.
$2.83 Is The Next Level To Reclaim
In an X post, crypto analyst Egrag Crypto suggested that $2.83 is the next level that the XRP price needs to reclaim. This came as he noted that the crypto was currently forming a long-legged candle, which he said is a bullish sign.
The analyst further remarked that closing above the Fib level at 0.702 is definitely bullish. However, he added that XRP needs to break through the Fib 0.786 at $2.83 and ultimately reach $3.30.
A Rally To $18 Is Still In Play
In an X post, crypto analyst Dark Defender hinted that the XRP price rally to $18 is still in play. He noted that XRP had a fourth wave on its intermediate cycle and is aiming for $5.85 with the fifth wave.
On the other hand, the crypto analyst mentioned that the primary cycle wave is still aiming for the $18.22 price target. He suggested that this XRP could indeed hit this level seeing as the crypto has been following this same structure which he drew up when it was still trading at around $0.40 and $0.50.
While it remains to be seen if XRP will indeed reach $18, its recent breakout above $2.60 undoubtedly provides a bullish outlook and has likely invalidated its projected crash to $2.
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.
A Dogecoin whale sent shockwaves across the meme coin market on Monday, dumping a staggering 200 million tokens to Binance. Primarily, as the dump occurred amid a broader market crash in light of Trump’s new tariffs, market watchers convey severe concerns over future price movements. Notably, DOGE price tanked nearly 20% in the past 24 hours as of press time, in sync with the broader crypto market crash.
Dogecoin Whale Dumps Heavily Raising Market Concerns
According to an X post by Whale Alert on February 3, a Dogecoin whale offloaded 200 million tokens worth $49.94 million to the crypto exchange giant Binance. Notably, the wallet address “DU8gPC5m” was recorded to have made the transaction.
For context, usual market sentiments remain bearish in light of such massive whale dumps, signaling a loss of large-scale investors’ confidence in the asset. Moreover, the massive dump also adds to a coin’s exchange supply, negatively impacting tokenomics. As a result, the DOGE whale dump raised severe concerns about future movements amid a broader market crash.
Crypto Market Slumps Amid Trump’s New Tariffs
CoinGape reported that the crypto market crashed as the week kicked off amid broader macroeconomic developments. Bitcoin swooped to a $91K low intraday, whilst meme coins mirrored a bearish trend. This bearish action is primarily attributed to Donald Trump announcing new import tariffs recently, sending shockwaves across global markets.
As a result, even the cryptocurrency sector took a hit, with massive liquidations occurring over the past day. The Dogecoin whale’s massive dump amid the current bearish market trend further solidifies investors’ cautiousness on the meme-themed asset.
DOGE Price Crashes
At the time of reporting, DOGE price lost 19% of its value and exchanged hands at $0.247. The meme coin’s intraday bottom and peak were $0.2117 and $0.3043, respectively.
A recent CoinGape report revealed that Dogecoin’s price slumped amid massive liquidations, declining OI, and the broader crypto market trend. The Dogecoin whale’s massive dump also aligns with this bearish dynamic.
However, it’s worth keeping in mind Elon Musk’s DOGE-related developments have managed to help the meme coin secure a prominent spot on traders’ radars. A DOGE price analysis by CoinGape revealed that in light of the D.O.G.E. department’s success in saving Americans $1 billion, positive sentiments over long-term prospects prevail. Nevertheless, traders and investors continue to monitor the token, expecting price shifts amid dynamic market trends.
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.
Renowned meme cryptocurrencies Dogecoin and Shiba Inu price have illustrated an alarming drop as the week kicked off, primarily attributable to the broader market trends. Notably, SHIB price slumped to as low as the $0.000012 level intraday, whereas DOGE price plunged to the $0.2 level, sparking investor concerns. A stockpile of factors appears to be driving the current slumping action in the mentioned meme coins, including investor uncertainty and massive liquidations amid broader developments.
Here’s Why Dogecoin & Shiba Inu Price Are Slumping Over 25% Intraday
Mentioned below are some vital factors that appear to be fueling the leading meme coins‘ crash of over 25% in a day.
Trade War Speculations Trigger Crypto Market Crash Amid Trump’s New Tariffs
The global crypto market witnessed a crash recently as U.S. President Donald Trump announced new import tariffs, triggering speculations of a trade war. CoinGape reported that the 47th president announced new increased import tariffs on Mexico, Canada, and China, sending shockwaves across global markets.
In turn, even the crypto sector took a hit, with experts speculating over a looming trade war that can affect global markets. Simultaneously, despite Trump’s pro-crypto standpoint, the new tariff mover has conversely brought about a market-wide crash. Bitcoin dipped to as low as $91K, with altcoins bearing further heat. Even the meme coin sector followed the bearish trend, with DOGE and SHIB prices in a slump.
Dogecoin & Shiba Inu Price Take Hear Amid Heightened Liquidations
Simultaneously, massive liquidations amid the broader market uncertainty have added pressure on the meme coins’ prices. Coinglass data indicated that Dogecoin saw $87.12 million worth of liquidations in the past 24 hours.
Whereas, Shiba Inu saw nearly $7.5 million worth of liquidations intraday. These massive liquidations, bringing selling pressure to the asset, further align with the current price crash.
Futures OI On Decline Signal Reduced Market Interest
Further, Coinglass data has revealed that DOGE futures OI was down by 33% intraday, reaching $2.44 billion. Simultaneously, SHIB futures OI plummeted by a remarkable 46% intraday, reaching $155.01 million. Altogether, this data underscored diminishing market activity surrounding the meme coins, reflecting investor uncertainty amid broader market trends. This statistic is also one of the reasons for a price drop.
How Are The Tokens Currently Performing?
At the time of reporting, Shiba Inu price witnessed a 22% crash and is resting at $0.00001368. However, the coin’s intraday low and high were $0.0000123 and $0.00001764, underscoring a loss of more than 25% in a day. Notably, SHIB’s waning movement further falls in line with a nearly 100% decline in its intraday burn rate, as per the latest burn data.
Similarly, DOGE price followed, plunging 21% to $0.2394 intraday. Its 24-hour bottom and peak were $0.2117 and $0.3061, respectively. Market watchers continue to stay cautious surrounding future movements, reflecting uncertainty amid recent trends.
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.
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