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On February 3, the bears gripped the cryptocurrency market, as investors were reacting to Trump’s sweeping tariifs.

The global crypto market cap crashed by over 12% to $3.01 trillion.

Donald Trump’s decision to immediately impose tariffs on Canada, Mexico, and China sent shockwaves through the crypto markets.

The sell-off began Saturday night after Trump signed an order imposing 25% tariffs on imports from Mexico and Canada and a 10% duty on Chinese imports, set to take effect on Tuesday.

The US conducts approximately $1.6 trillion in trade with these three countries, making the move a major escalation in trade policy.

Bitcoin (BTC) and major altcoins like Ethereum (ETH), XRP, and Solana (SOL) saw major losses, with meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also facing declines.

The total crypto market volume over the last 24 hours surged to $229.88 billion, marking a 142.26% increase.

Bitcoin’s (BTC) price fell off a cliff on Monday, falling over 9% in the past 24 hours, trading at $92,011.46.

BTC price reached a low of $91,242.89 and a high of $1100,706.73 during the day.

Trading volume for the coin soared over 194% in the past 24 hours to $82 billion.

Bitcoin’s dominance has risen to 61.63%, up 3.18% over the day.

Jeff Park, head of alpha strategies at BitWise, believes President Donald Trump’s trade tariffs will drive Bitcoin prices “violently higher” over the long term due to a weakening US dollar and lower yields on US government securities.

This is the only thing you need to read about tariffs to understand Bitcoin for 2025. This is undoubtedly my highest conviction macro trade for the year: Plaza Accord 2.0 is coming. Bookmark this and revisit as the financial war unravels sending Bitcoin violently higher.

Park argues that the tariffs aim to devalue the dollar in international trade to correct imbalances and boost US exports. He likened the situation to a potential “Plaza Accord 2.0,” referencing the 1985 agreement among major economies to weaken the dollar.

He further suggested that inflationary pressures from the tariffs would disproportionately impact US trading partners, leading to currency debasement and increased demand for alternative stores of value like Bitcoin.

Ethereum (ETH) dropped a massive 22%, trading at $2,429.10. Its 24-hour low and high were $2,159.29 and $3,137.25, respectively.

Trading volumes for ETH were up 194% at $59 billion.

Historical data suggests that February has been Ethereum’s strongest month, with the altcoin closing in positive territory every year except 2018.

On average, ETH has returned 17.13% during this period,.

The XRP price today sank below the $2 mark on Monday.

XRP price crashed over 26% decline, reaching $2.13.

It hit an intraday low of $1.95 and a high of $2.92.

Solana (SOL) price plunged by 12% to $188.92.

Its 24-hour low and high were $180.41 and $215.54, respectively.

Meme cryptocurrencies also followed the downward trend. Dogecoin (DOGE) dropped around 25%, trading at $0.2317, while Shiba Inu (SHIB) also crahsed by by 25%, sitting at $0.00001315. 

Other meme coins like PEPE and TRUMP saw major losses, with PEPE slipping 26% and TRUMP losing nearly 12%.

Only three coins were trading marginally in the green on Monday. Tether (USDT) saw a slight 0.02% increase, currently trading at $0.9999.

Dai (DAI) edged up by 0.05%, maintaining a $1.00 price. Similarly, USD Coin (USDC) recorded a 0.01% rise, also trading at $1.00.

Kaspa (KAS) has led the declines in the last 24 hours, dropping 35.84% to $0.07913.

Filecoin (FIL) followed closely with a 33.90% decrease, now trading at $2.91.

Optimism (OP) saw a significant 33.44% drop, reaching $0.8981.

Gala (GALA) also faced heavy losses, falling 32.82% to $0.01916, while SPX6900 (SPX) declined 32.65%, currently priced at $0.7183.

Cardano (ADA) has seen a 30.94% decrease in the last 24 hours, currently trading at $0.6197.

Over the last day, Chainlink (LINK) has decreased by 23.39%, currently trading at $17.44.

Bitcoin Cash (BCH) has seen a 24.94% decrease in the last 24 hours, currently trading at $304.50.

In the last 24 hours, Cosmos (ATOM) has decreased by 30.18%, currently trading at $4.06.

Celestia (TIA) has seen a 31.99% decrease over the last day, currently trading at $2.68.

Bonk (BONK) has decreased by 27.00% in the last 24 hours, currently trading at $0.00001603.

Bitcoin Gold (BTG) has seen a 25.81% decrease over the last day, currently trading at $4.27.

BytomDAO (BTM) has plunged by 14.44% in the last 24 hours, currently trading at $0.002665.

Bitcoin SV (BSV) has decreased by 25.00% over the last day, currently trading at $34.97.

Over the last day, BitShares (BTS) has crashed by 13.03%, currently trading at $0.0009983.

Decentraland (MANA) has seen a 29.60% decrease in the last 24 hours, currently trading at $0.2895.

Over the last day, Chiliz (CHZ) has decreased by 25.43%, currently trading at $0.04917.

Compound (COMP) has seen a 26.38% decrease in the last 24 hours, currently trading at $47.30.

Dash (DASH) has crashed by 27.28% over the last day, currently trading at $22.26.

Basic Attention Token (BAT) has seen a 24.42% decrease in the last 24 hours, currently trading at $0.1595.

Decred (DCR) has decreased by 23.55% over the last day, currently trading at $9.16.

LiquidApps (DAPP) has seen a 1.72% increase in the last 24 hours, currently trading at $0.00007051.

In the last 24 hours, DigiByte (DGB) has decreased by 26.40%, currently trading at $0.007462.

BOOK OF MEME (BOME) has slumped by 34.85% over the last day, currently trading at $0.001885.

Dent (DENT) has crashed by 25.14% in the last 24 hours, currently trading at $0.000773.

The post Crypto prices fall off the cliff on Feb 3: BTC at $91k, XRP below $2 appeared first on Invezz

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