In a catastrophic sequence that only Marvin the Paranoid Android could have predicted, Bitcoin and its altcoin buddies have taken a nosedive, plummeting faster than Arthur Dent’s prospects of a quiet life. BTC, in particular, has dive-bombed below the legendary $100,000 mark, with many alts playing enthusiastic lemmings and following suit.
The chaos was triggered by US President Trump’s latest exercise in international diplomacy: his decision to slap hefty tariffs on imports from China, Mexico, and Canada. The kind of tariffs Vogons would approve of, no less.
BTC Below $100K
Bitcoin began its week with the grace of a flying whale, tumbling from a heady $105,000 to a rather dazed and confused $98,000. It then managed a heroic bounce, only to fall afoul of gravity (and perhaps a few badly aligned planets) by the end of the week, scraping by at a not-so-cheerful $99,000. And no, this isn’t an episode of The Hitchhiker’s Guide, though Zaphod Beeblebrox might find it amusing.
The trigger? None other than Trump’s late-night signing spree, adding a 10% tax on imports from China, with Mexico and Canada’s imports enjoying an even heartier 25% fee. Energy imports from Canada received a less apocalyptic 10% tax, but the ripple effect was immediate.
Mexico and Canada, not ones to take a punch lying down, promptly retaliated with their own taxes on US imports. China, meanwhile, decided to escalate things by preparing a lawsuit against the US at the World Trade Organization. Somewhere in the background, the Deep Thought computer sighed and muttered about simpler times.
Consequently, Bitcoin’s market cap nosedived to $1.970 trillion, with its dominance over the alts creeping upwards to over 56% — a small comfort for BTC enthusiasts who might now be pondering their rush to buy that luxury starship.
Alts Bleed
As you might expect in these doom-laden scenarios, the altcoins didn’t fare much better. Ethereum is now flirting with melancholic blues at $3,100, following a 4.5% daily drop. XRP, SOL, DOGE, LINK, AVAX, and the rest of the gang have all decided to have a contest to see who can lose the most value the quickest, with declines hitting up to 9%.
More dramatic slides have been recorded by the likes of VIRTUAL, HYPE, JASMY, RAY, TAO, LDO, THETA, FET, and GALA – each down by unnervingly double-digit percentages. Somewhere, a digital version of Marvin is sighing deeply.
In total, the cumulative market cap of all crypto assets has decided to emulate a very bad day at Milliways, shedding roughly $150 billion in a single day and plummeting to a somewhat sobering $3.5 trillion. Perhaps it’s time for everyone to just grab a Pan Galactic Gargle Blaster and hope for better days.
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- What was the biggest anime of 2024? The popularity of some titles and lack of interest in others may surprise you
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- Deep Rock Galactic: The Synergy of Drillers and Scouts – Can They Cover Each Other’s Backs?
- Sonic 3 Just Did An Extremely Rare Thing At The Box Office
- Final Fantasy 1: The MP Mystery Unraveled – Spell Slots Explained
- Influencer dies from cardiac arrest while getting tattoo on hospital operating table
- Smite’s New Gods: Balancing Act or Just a Rush Job?
- Twitch CEO explains why they sometimes get bans wrong
2025-02-02 13:41