In the land of digital gold, Bitcoin (BTC) has clawed its way back to the throne, commanding over 60% of the crypto kingdom’s treasure as its lesser cousinsAltcoins bleed a slow, sorry tale of woe.
Oh, thealtcoins! Poor Ether (ETH) took a dive, down 9.3% like a stone in a pond, XRP (XRP) lost 13.8%—it’s like watching a sad, slow-motion race to the bottom—and Solana (SOL)? Well, it lost nearly a fifth of its worth, 19.3% to be exact, in just a week. Such are the tales from CoinMarketCap’s ledger.
Meanwhile, President Donald Trump, with a flick of his pen, has introduced a tax party on imports, slapping 25% on Canada’s finest, 25% on Mexico’s goods, and a hearty 10% on China’s wares. And what do you know? The neighbors aren’t too keen on the idea.
Investors, spooked by the prospect of a trade war that could inflate prices like a balloon at a birthday party, have scurried to the safety of US government securities—because who doesn’t love a bit of stability in these wild times?
Now, Van Nuener, the soothsayer of the crypto realm, warns of more doom and gloom once the US futures markets open their doors on the fateful day of Feb. 2. “Buckle up,” he whispers to his social media flock, “it’s going to be a bumpy ride.”
BitMEX’s co-founder, Arthur Hayes, foresaw this crypto sell-off ages ago, around the time of President Trump’s grand coronation in December 2024. Hayes, ever the realist, pointed out that even a crypto-loving president can’t sprinkle magic dust to make crypto laws appear overnight.
Ryan Lee, the prognosticator at Bitget Research, has peered into his crystal ball and foresees a Bitcoin correction, potentially dipping to $95,000. He says it’s all about those big, scary macroeconomic factors—like the boogeyman under the bed that just won’t go away.
And let’s not forget the tech stock downturn and crypto’s queasiness over DeepSeek R1, that AI upstart from China that’s causing quite the stir. It’s like a black swan, but with more digital feathers.
DeepSeek, they say, can do the AI hustle just as well as the big boys, but on a budget, using old tech that’s seen better days. And now, the Trump administration is eyeing even stricter export rules on Nvidia to China, because why not add another layer of uncertainty to the mix?
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2025-02-02 22:17