Trader Anselm: There may be a rebound in the next few days, and other altcoins besides BTC and HYPE need time to repair

2025-02-03 02:53

Odaily Planet Daily News: Renowned trader Anselm wrote on X, "Unless the negotiations between Trump and Canada and Mexico do not progress smoothly tomorrow, there should be a rebound in the next few days. Currently, BTC and HYPE are doing well, while the structure of most other altcoins has been damaged and will need some time to repair

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05:38

Address shatter.sol cleared TRUMP 4 hours ago, with a cumulative return rate of 163 times

05:35

XRP, Dogecoin Plunge 25% as Crypto Liquidations Cross $2.2B on Tariffs Led Dump

Major tokens slumped more than 25% in the past 24 hours as a new wave of tariffs imposed by the U.S. on Canada and Mexico over the weekend birthed talks of a global trade war — souring sentiment for risk assets.XRP, dogecoin (DOGE) and Cardano’s ADA fell more than 25% to reverse all of the gains since December, reaching pre-U.S. election levels from early November. Most majors are down 40-50% in the past month, data shows, making it one of the steepest dives in recent years. Overall market capitalization fell 12%, the worst fall in over a year, while the broad-based CoinDesk 20 (CD20) lost 10%. Bitcoin (BTC) dropped 6%.See all newslettersFutures markets reflected these losses with traders of ether (ETH)-tracked products losing over $600 million in the past 24 hours, majorly in early Asian hours. XRP and DOGE bets lost a cumulative $150 million, altcoin-tracked products lost $138 million and ether-tracked futures lost $84 million.Total liquidations crossed $2.2 billion, the highest this year and among the biggest such levels in the past year. The largest single liquidation order happened on Binance, a tether-margined ETH trade valued at $25 million.Some traders cautioned of further losses as the week progressed.“While BTC has fallen over 8% over the weekend it was Ethereum that shocked the market with a straight 20% decline and it's behaving like an altcoin on the downside without the benefit of long-term institutional inflows and a lack of near-term catalysts,” Augustine Fan, head of insights at SignalPlus, told CoinDesk in a Telegram message.“Massive long futures liquidation was observed over the weekend with over 2 billion in futures stop outs over the past 24 hours, the sharpest liquidation event in crypto history. Markets are likely to be in a full risk off mode as we await the US equity market open,” Fan added.Liquidation happens when a trader has insufficient funds to keep a leveraged trade open. The crypto market's high volatility means liquidations are a common occurrence, although major events such as Monday’s can provide actionable cues for further market sentiment or positioning.The market correction stems from a trade war that U.S. President Donald Trump has seemingly ignited with 25% tariffs being placed on Canada and Mexico. The move has caused immediate disruptions in North American trade relations, with both countries threatening retaliatory tariffs.Financial markets are concerned about the potential for increased costs on goods, impacting industries from automotive to agriculture. The interconnected economies of these nations suggest that this tariff imposition could lead to a broader economic slowdown, threatening jobs and raising costs for consumers.

04:53

Chance of Bitcoin Tanking to $75K Doubles as Trump's Tariffs Ignite Trade War, Derive's Onchain Options Market Shows

Bitcoin's (BTC) on-chain options market on Derive.xyz indicates a 22% probability of prices falling to $75,000 by March 28, a notable rise from last week's 10% chance.The sharp rise in probability follows a renewed import tariff war between the U.S. and its top trading partners, Canada, Mexico and China and concerns it will add to inflation in the global economy, making it difficult for central banks, including the Fed, to cut interest rates.See all newsletters“The recent tariffs imposed by Trump, including 25% on imports from Mexico and Canada and 10% on Chinese goods, are likely to lead to increased inflation, which could dampen investor sentiment in crypto markets," Derive said in an email. Andre Dragosch, head of Europe at Bitwise, said on X, that tariffs are sending shock waves via USD strngth & contraction in global money supply.Bitcoin has already dropped 11% to $93,700 in four days, CoinDesk data shows. ETH, the second-largest cryptocurrency by market value, fell below $2,200 early Monday, the lowest since Aug. 5.BTC appears on track to complete a double top reversal pattern, which would open the doors for a drop to $75,000. Recently, Arthur Hayes, chief investment officer of Maelstrom and former BitMEX CEO, said that BTC will first drop to around $75,000 before chalking out a bigger bull run. The broader outlook, however, remains constructive, according to Derive."We’re seeing a number of active spot ETF filings for assets like DOGE, SOL, XRP, and LTC from major players like Bitwise and Grayscale. If the SEC approves these, it will signal greater legitimacy for the digital asset industry and trigger more capital inflows, potentially driving prices upward," Derive told CoinDesk, noting the momentum for creating strategic BTC reserves in several U.S. states.Dragosch expects the Fed to eventually step in, putting a floor under asset prices. "At some point, Fed will need to reignite QE to curb the Dollar from rising further and to stop a continued tightening in financial conditions & deceleration in global growth," Bitwise's Dragosch noted.

03:30

The total market value of cryptocurrencies is 3.09 trillion US dollars, with a 24-hour decline of 9.02%

03:07

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