US President Trump announced last week that starting February 1, he will officially impose a 25% tariff on goods from Canada and Mexico, and a 10% tariff on goods from China, officially sounding the alarm for a global tariff war.
- Canadian Prime Minister Justin Trudeau announced retaliatory tariffs, imposing a 25% tariff on $20 billion worth of US goods starting February 4, including beer, wine, bourbon, fruits, juices, clothing, sporting goods and household appliances.
- Mexican President Claudia Sheinbaum has also instructed the Ministry of Economy to formulate tariff and non-tariff measures.
- The Chinese Ministry of Commerce issued a statement yesterday (2nd) that it will file a lawsuit against this with the WTO and take appropriate countermeasures.
Bitcoin falls below $96,000, Altcoins bloodbath
Since Trump announced the tariff measures, the US stock market has not yet opened, but the cryptocurrency market has been hit the hardest, with the past two-day weekend seeing a continuous decline, with Bitcoin briefly dropping to $95,432, the lowest since mid-January.
The Altcoin market has seen an even more severe decline, with Ethereum falling below $2,900, SOL falling below $200, and XRP among the top 10 tokens seeing the biggest drop, plunging nearly 20% in the past 24 hours.
Nearly $1.2 billion in liquidations in the past 24 hours
After the sharp drop in Bitcoin in the early morning, according to data from Coinglass, over the past 24 hours, the total amount of cryptocurrency liquidations across the network reached $1.19 billion, with long positions accounting for $1.05 billion, and short positions accounting for over $147 million, with over 450,000 people being liquidated.
With the US stock market opening tonight, the overall cryptocurrency market is expected to face another wave of volatility, and investors are advised to be cautious.
