What to know: 🤔
By Omkar Godbole (All times ET unless indicated otherwise)
Ah, the crypto markets, a veritable sea of red, a symphony of despair! 🩸 Alongside the growing risk aversion in traditional markets, the blame lies squarely on the shoulders of none other than the great and powerful Trump. 🤡 Late Friday, the president imposed a 25% tariff on imports from Canada and Mexico and 10% on China, provoking retaliatory measures that have reignited a trade war reminiscent of the good old days of 2018. 🔥
The consensus on social media and among the analyst community is that this tariff-induced slide in the crypto market is temporary, and that bitcoin (BTC) will quickly rebound. 🤑 However, there are reasons to believe otherwise, my friends. 🤔
Firstly, Trump has shattered the crypto market’s belief that he is looking to pump markets and would use small tariffs merely as a negotiating tactic. 😱 In fact, he has threatened to increase tariffs if trading partners retaliate. Since Canada and Mexico responded with their own measures, the potential for further tariff hikes looms large, like a dark cloud over our digital paradise. 🌩️
“Despite the talk of deals, this move doesn’t feel temporary.” 🤫 Stay alert, my friends! 🚨
Token Talk 💬
By Shaurya Malwa
- Hyperliquid’s HYPE is holding strong in the market bloodbath, with a 5% jump in the past 24 hours. 🤑
- The decentralized exchange generated nearly $4 million in fees over the past 24 hours, and part of the revenue is being used to buy back HYPE, helping support its price amidst a bearish market. 💰
- Elsewhere, prices of long-forgotten Jeo Boden (BODEN), a parody token mimicking Joe Biden that was worth $1 billion by market capitalization at peak, rose as much as 300% in the past 24 hours. 🤡
- It registered trading volumes of over $8 million, the highest since July
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2025-02-03 15:14