Bitcoin Plunges to Three-Week Low, Asian Crypto Stocks Tumble Amid Trump's Tariff Policies

Asian crypto stocks plunge as Bitcoin drops to three-week low

The crypto market in Asia has witnessed a significant downturn, with Bitcoin leading the decline. The world's largest cryptocurrency by market capitalization has dropped to a three-week low, triggering a sell-off in Asian crypto stocks. The recent market crash has been attributed to various factors, including President Trump's tariff policies and escalating trade tensions.

Bitcoin's price has fallen by more than 10% in the past week, reaching a low of $92,500 on Sunday night. Other digital assets, such as Ethereum, Solana, and XRP, have also experienced double-digit losses. The cryptocurrency market cap has fallen by 10% to $3 trillion, marking the largest single-day liquidation event in crypto history.

Analysts have pointed to President Trump's new tariffs on imports from Canada, Mexico, and China as a potential catalyst for the market sell-off. The tariffs, which include a 25% levy on goods from Canada and Mexico and a 10% tariff on Chinese imports, are set to take effect on February 4. Economists warn that these measures could inflate prices across various sectors, contributing to inflation and dampening investor sentiment in cryptocurrency markets.

Despite the recent market turmoil, some crypto optimists believe that the current market conditions present an opportunity to accumulate more assets at lower rates ahead of a potential bull run. However, the short-term impact of President Trump's tariff policies on the crypto market remains uncertain, and investors are advised to exercise caution before taking any action related to the company.