CandleFocus Bitcoin Drops 8% to $93K as Asia Awakens to Trump's Trade War
2025-02-03
Author: Content Editor
The major cryptocurrencies, including Bitcoin, Ethereum, Solana, and XRP, experienced a significant drop in value as trading began in Asia. Bitcoin was down 8% at over $93,100, while Ethereum was down almost 20% at $2,500. Solana was down 13% at $184, and XRP was down 28% at $2. Nearly $1.3 billion in long positions were liquidated in the past 12 hours, with $400 million in long Ethereum positions and $300 million in long Bitcoin positions. The market correction is believed to be connected to a trade war initiated by President Donald Trump, who placed 25% tariffs on Canada and Mexico. There is skepticism among market observers about the benefits of these tariffs, with some labeling it the "Dumbest Trade War in History." President Trump dismissed criticism, alleging that the critics were funded by China.
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