WHY IS CRYPTO MARKET DOWN TODAY?
MAJOR CRASH AHEAD!
The crypto market is experiencing a downturn today, primarily due to the recent tariffs imposed by Donald Trump on Canada, Mexico, and China. This move has sparked concerns about a potential trade war, leading to increased selling pressure and a decline in crypto prices .
Bitcoin, in particular, has fallen below the $100,000 mark, with a 2.22% drop in price. Altcoins like XRP and Dogecoin have also been affected, with price drops of 6.02% and 7.31%, respectively .
The trade war tensions have led to a rise in the US dollar index (DXY) and 10-year Treasury yields, which typically move inversely to Bitcoin's price. This has resulted in a combined crypto liquidation of over $700 million, with Bitcoin accounting for $57 million of that amount .
While some experts predict a temporary shake-up in the market, others believe that the trade war could trigger a major crash. However, it's essential to note that the crypto market is known for its volatility, and prices can fluctuate rapidly.
In the midst of this uncertainty, some analysts remain optimistic about Bitcoin's potential for growth. Sergei Gorev, Head of Risk at YouHodler, believes that Bitcoin could hit a new all-time high in February, citing historical trends and technical analysis .#cryptouniverseofficial
