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"Trump's Tariffs Spark Crypto Bloodbath: Altcoins Plummet, Bitcoin Tests Support"
Generated by AI AgentCoin World
Monday, Feb 3, 2025 10:08 am ET1min read
Altcoins Crash: Is The Bull Run Over? Best Cryptocurrencies to Buy Now
Contents
Donald Trump’s expanding tariff plan has resulted in yet another crypto crash, with altcoins faring much worse than Bitcoin.
The Bitcoin price formed a long downside wick to $91.2k, a key support level, and has bounced back to $95.5k since. However, traders are treating the relief rally to $95k as a dead-cat bounce, especially heading into the typically bearish NY market open.
The $2.3 billion liquidation marks the largest 24-hour wipeout in crypto history, surpassing both the COVID crash and the FTX collapse.
A growing number of experts are now wondering whether the crypto bull market is over.
Donald Trump’s Tariff-Led Crash Sparks Comparison To The 1930 Great Depression - Altcoins CrashDonald Trump’s expanding tariff policies have resulted in a broader financial correction, leading to a crypto crash as well. Following the announcement of 25% tariffs on Canada and Mexico each and 10% additional tariffs on China, Trump’s eyes are now set on a trade war with the European Union.
Each of the aforementioned nations has promised retaliatory tariffs of their own, sparking fears of an uptick in inflation.Bloomberganalysts claim the tariffs could reduce the US GDP growth by 1.2% while adding 0.7% to the core PCE, creating a potential stagflation scenario.
Trump promised the “pain” would be worth the price, a poor choice of words considering it reminded crypto traders of Jerome Powell’s “
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