Crypto Market Update: February 3, 2025
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The cryptocurrency market is currently experiencing significant turbulence, with major cryptocurrencies facing sharp declines. Bitcoin has dropped to $93,292, a decrease of 6.66%, while Ethereum has seen a drastic fall to $2,477.67, down 20.32%. Other notable declines include Binance Coin at $551.19 (-15.96%) and XRP plunging to $2.19 (-23.96%). The market turmoil is largely attributed to global trade tensions following new tariffs announced by President Trump, which have adversely affected investor sentiment and triggered mass sell-offs, resulting in over $2 billion in liquidations within the past 24 hours. Investors are advised to remain vigilant as the market continues to be influenced by these unfolding events and regulatory changes that could reshape the landscape of digital assets12.