Islamabad, Feb 3: The Crypto Prices market experienced a massive downturn, with the global market cap plummeting over 12% to $3.01 trillion. Bitcoin (BTC) and major altcoins, including Ethereum (ETH), XRP, and Solana (SOL), suffered significant losses. Meanwhile, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also took a major hit. The total trading volume surged by 142.26% in the past 24 hours, reaching $229.88 billion.
Impact of Trump’s Tariffs on Crypto Markets
The decline came in response to former U.S. President Donald Trump’s decision to impose aggressive tariffs on imports from Canada, Mexico, and China. The sudden trade policy shift rattled investors, triggering a massive sell-off. Trump’s 25% tariff on Mexico and Canada, along with a 10% duty on Chinese imports, fueled economic uncertainty, leading to a sharp decline in crypto assets.
Bitcoin (BTC) Price Analysis
Bitcoin saw a steep drop, losing over 9% in the past 24 hours, trading at $92,011.46. The flagship cryptocurrency recorded a daily low of $91,242.89 and a high of $100,706.73. Trading volume soared 194% to $82 billion, while BTC dominance rose to 61.63%, reflecting a 3.18% increase.
Despite the current downturn, analysts suggest Bitcoin may rebound in the long term. Jeff Park, Head of Alpha Strategies at BitWise, predicts tariffs will weaken the U.S. dollar, ultimately driving Bitcoin’s value higher.
Ethereum (ETH) and Altcoins Suffer Heavy Losses
Ethereum (ETH) nosedived 22%, trading at $2,429.10. It recorded a 24-hour low of $2,159.29 and a high of $3,137.25. ETH’s trading volume skyrocketed 194% to $59 billion. Historically, February has been Ethereum’s strongest month, but the current bearish sentiment may challenge this trend.
XRP dropped below the $2 mark, declining 26% to $2.13. Solana (SOL) also saw a 12% drop, currently trading at $188.92. 
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Meme Coins and Broader Crypto Market Performance
Meme coins followed the broader market trend, with DOGE falling 25% to $0.2317, while SHIB dropped 25% to $0.00001315. Other meme coins like PEPE and TRUMP faced 26% and 12% declines, respectively.
Among the biggest losers, Kaspa (KAS) plunged 35.84%, Filecoin (FIL) dropped 33.90%, and Gala (GALA) lost 32.82%. Only stablecoins like Tether (USDT), Dai (DAI), and USD Coin (USDC) remained marginally positive.
What’s Next for Crypto?
With rising inflation concerns and global economic shifts, investors are closely monitoring macroeconomic developments. While short-term volatility remains high, long-term market trends suggest Bitcoin and major cryptocurrencies could rebound as safe-haven assets.
