- Cryptocurrency market drops 2.15% as Bitcoin slides to $95,000 and Ethereum to $2,550.
- Solana memecoins crash 10%, with Bonk and Dogwifhat among the worst hit.
- Trump’s tariffs on Canada, Mexico, and China fuel market jitters, delaying implementation until Feb. 4.
The cryptocurrency market took a hit, dropping over 2% in the past 24 hours. President Trump’s fresh tariff announcement rattled investors, adding uncertainty to global markets. The move, aimed at Canada, Mexico, and China, sent shockwaves through crypto.
Bitcoin briefly soared past $100,000 on Friday, but it could not hold its ground. The world’s largest cryptocurrency slid 1.66% to around $95,000 in the last 24 hours. Ethereum suffered a sharper decline, dropping 3.6% to $2,550. The broader market followed suit, posting a 2.15% decline.
Bitcoin’s market capitalization stands at approximately $1.85 trillion, maintaining its dominance in the crypto sector. Ethereum follows with a valuation of $306 billion, reflecting its strong position as the second-largest cryptocurrency. Collectively, the entire cryptocurrency market is valued at around $2.25 trillion, highlighting the scale and impact of digital assets in the financial landscape.
While the broader market dipped, Solana-based memecoins saw a bloodbath. The GMCI Solana Memes Index plunged 10%. Bonk, Dogwifhat, and Gigachad trended downward as risk appetite faded.
Memecoins are highly volatile, often moving in response to broader sentiment. With uncertainty clouding the market, investors rushed to safer assets, leaving speculative tokens battered.
Bonk (BONK) led the losses among Solana-based memecoins, tumbling 12.5% in the past 24 hours. Dogwifhat (WIF) followed closely, shedding 11.3%, while Gigachad saw a 9.8% decline. The sharp drop reflects a broader sell-off in the crypto market, with riskier assets hit the hardest.
Trump’s decision to impose sweeping tariffs stoked fears of a renewed trade war. He set duties at 25% on Canadian and Mexican imports, with a 10% carve-out for Canada’s energy exports. China faces a 10% tariff across all goods.
The tariffs, originally scheduled for February 1, are now set to take effect on February 4 at 12:01 a.m. The White House justified the move as a response to drug trafficking concerns.
Markets braced for impact. The last time Trump escalated trade tensions, Bitcoin fell 4% before rebounding. Analysts expect more turbulence ahead.
Cryptocurrency Super Bowl Ads Fizzle Out
This Sunday, New Orleans will host Super Bowl LIX, featuring the Kansas City Chiefs and the Philadelphia Eagles. The game is America’s most-watched event, yet crypto companies are missing from the ad lineup.
Unlike 2022’s “Crypto Bowl,” where brands like FTX and Coinbase dominated commercial breaks, this year’s absence reflects the industry’s shifting landscape. Regulatory scrutiny and market uncertainty have tightened ad budgets.
Markets will watch how the tariffs unfold. Crypto has proven resilient in past macroeconomic shocks, but volatility remains high. Bitcoin’s ability to hold $95,000 could determine its next move.
For now, risk-off sentiment dominates. Investors brace for impact as Trump’s trade war looms over global markets.