$ETH

Some reason for market crash 🥹

Today's significant downturn in the cryptocurrency market is primarily attributed to recent geopolitical developments. On February 2, 2025, U.S. President Donald Trump announced substantial tariffs: 25% on imports from Canada and Mexico, and 10% on Chinese goods. These measures have heightened fears of a global trade war, leading to widespread market sell-offs.

In response to these tariffs, major crypto currencies have experienced notable declines:

Bitcoin (BTC): Fell below $95,000, reaching a three-week low of $91,441.89.

Ethereum (ETH): Dropped over 26%, trading at approximately $2,494.33.

The broader financial markets have also been affected. The Australian dollar weakened to around 60.96 US cents, and the ASX200 index declined by over 1.8%.

These developments underscore the interconnectedness of global economic policies and the cryptocurrency market. Investors are advised to monitor geopolitical events closely, as they can have immediate and significant impacts on market dynamics.