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Bitcoin Drops to $94,000 Amid 9% Market Decline After Trump’s New Tariff Decisions

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Bitcoin Drops to $94,000 as Tariff Decisions Trigger Market Slump

Over the weekend, the cryptocurrency market saw a sharp increase in volatility following U.S. President Donald Trump’s announcement of new tariffs on imports from China, Mexico, and Canada. On Monday, February 3, Bitcoin experienced its most significant price drop in months, with the world’s leading cryptocurrency losing almost 7% of its value. According to CoinMarketCap, Bitcoin fell to $94,303 (approximately Rs. 82 lakh), down from its previous price of $104,002 (roughly Rs. 90.1 lakh) before the tariff decision. On Indian exchanges like BuyUcoin, BTC saw a smaller drop of around 5%, trading at $101,116 (roughly Rs. 88 lakh).

Ether Faces Even Bigger Losses

Ether, the second-largest cryptocurrency by market cap, faced even steeper declines than Bitcoin. On international platforms, ETH dropped by 19.51%, bringing its price down to $2,497 (around Rs. 2.17 lakh). Indian exchanges followed a similar trend, with Ether trading at $2,750 (roughly Rs. 23.9 lakh). The dramatic drop in Ethereum’s value underscores the broader market concerns, where macroeconomic factors are playing an increasingly influential role in digital asset valuations.

Market Reactions to Trump’s Tariff Decisions

The announcement of new tariffs set off a chain reaction in global markets, spilling over into the crypto space. Avinash Shekhar, co-founder of Pi42, explained that the performance of digital assets is heavily impacted by broader macroeconomic trends and investor sentiment. “The imposition of tariffs on Canada, Mexico, and China led to nearly $2 billion (roughly Rs. 17,425 crore) in liquidations across the crypto market, causing a widespread slump,” Shekhar stated. The market’s reaction highlights how sensitive cryptocurrencies are to political decisions, especially in the context of global trade tensions.

A Bleak Outlook for Crypto Assets

As global markets adjust to the implications of new tariffs, the outlook for cryptocurrencies remains uncertain. The price fluctuations of Bitcoin and Ether reflect the broader economic climate, where the confidence of investors is deeply influenced by geopolitical developments. The recent price drops have left many wondering whether this trend will continue, especially if other international policies contribute to ongoing instability in the market. For now, investors will need to navigate a landscape where digital assets remain highly volatile, with external factors continuing to play a significant role in their valuation.

Bitcoin Holds Above $100,000 Despite 3.3% Dip Ahead of US Fed Meeting

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Bitcoin Holds Above $100,000 Despite Volatility Ahead of Fed Decision

The cryptocurrency market is witnessing notable fluctuations as investors brace for the US Federal Open Market Committee (FOMC) meeting, where officials are expected to announce their stance on interest rates. Bitcoin, the leading digital asset, experienced a 3.33% decline on international exchanges, trading at $102,185 (approximately Rs. 88.4 lakh), as per CoinMarketCap. In India, the price of BTC remained slightly more stable, registering a less than 2% drop to $102,006 (roughly Rs. 88.3 lakh) on platforms like BuyUcoin.

Market Sentiment Remains Cautious

According to the CoinSwitch Markets Desk, investors are treading carefully as the CME FedWatch tool indicates a 99% probability that the Federal Reserve will maintain current interest rates. Given this backdrop of uncertainty, analysts anticipate continued volatility, urging traders to adopt risk-management strategies. Bitcoin’s recent price movements suggest that while the asset remains above the critical $100,000 mark, it is susceptible to further corrections depending on the Fed’s announcement.

Ethereum and Altcoins Also Face Downturn

Ethereum, the second-largest cryptocurrency by market capitalization, followed Bitcoin’s downward trajectory. ETH fell by 2.80% on global exchanges, trading at $3,124 (approximately Rs. 2.70 lakh). Meanwhile, on Indian platforms such as CoinSwitch and CoinDCX, Ethereum saw a sharper decline of 3.50%, bringing its price down to $3,373 (around Rs. 2.92 lakh). Other major altcoins, including Binance Coin (BNB) and Solana (SOL), also recorded slight losses amid the broader market downturn.

Outlook for the Crypto Market

Despite the recent pullback, many analysts believe Bitcoin and Ethereum are maintaining strong support levels, with institutional demand remaining a key driver. The outcome of the FOMC meeting will likely determine the short-term trajectory of the crypto market. If the Federal Reserve signals a dovish stance or hints at future rate cuts, Bitcoin and other digital assets could see renewed bullish momentum.

Bitcoin Surpasses $100,000 Mark Ahead of Trump’s Inauguration, While Ether Sees Decline

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Crypto prices have surged in the days leading up to the inauguration of US President-elect Donald Trump on January 20, with Bitcoin leading the charge. On Friday, Bitcoin’s price saw a notable 2.09 percent increase on international exchanges, climbing to $101,526 (approximately Rs. 87.8 lakh), according to data from CoinMarketCap. Indian exchanges such as CoinSwitch and Giottus saw an even higher rise, with Bitcoin trading at $104,532 (roughly Rs. 90.5 lakh), reflecting a 1.5 percent gain locally. This rally signals strong investor optimism ahead of the political transition, potentially fueled by anticipation of economic policy changes under the new administration.

Despite Bitcoin’s impressive climb, Ether experienced a slight downturn during the same period. On global platforms, the price of Ether dropped by 1.03 percent, falling to $3,370 (roughly Rs. 2.91 lakh). Indian exchanges also reflected this decline, with Ether down by 0.59 percent, trading at $3,483 (around Rs. 3.01 lakh). The dip in Ether’s value contrasts sharply with Bitcoin’s growth, highlighting the ongoing volatility within the crypto market, where different assets can move in opposite directions even within short time frames.

Experts suggest that the rise in Bitcoin’s value is linked to broader economic trends, particularly the expectation of monetary easing from the US Federal Reserve. According to Avinash Shekhar, Co-Founder and CEO of Pi42, the surge in Bitcoin and other altcoins like XRP points to a new phase in the crypto market. Shekhar emphasized that this shift is driven by increasing institutional participation and innovations within the sector, which are expected to fuel growth and solidify cryptocurrency’s role in the modern economy.

The broader crypto market has also seen positive movement, with the total market capitalization rising by 2.06 percent in the last 24 hours. As of now, the crypto market cap stands at a substantial $3.56 trillion (around Rs. 3,08,22,831 crore), underscoring the growing strength and influence of the crypto ecosystem. With such momentum, cryptocurrencies are poised to remain a key component of global financial markets in the coming years.