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Why is the crypto market down today?
The cryptocurrency market has experienced a significant downturn today, with losses in the billions. The total crypto market capitalization dropped 9.7% over the last 24 hours to $3.07 trillion on Feb. 3, the lowest level since November 2024.
While the crypto market is known for its volatility, several concrete factors have contributed to this latest dip, including:
US tariffs: Trump trade wars unsettle the market.
Massive liquidations erase more than $700 billion from the crypto market cap.
On Feb. 1, President Trump signed an executive order on Saturday imposing 25% tariffs on imports from Canada and Mexico.
He also imposed a 10% tariff on Canadian energy and oil and a 10% tariff on China.
The tariffs are set to take effect on Tuesday, Feb. 4.
#Has the Market Bottomed Out? #BTC #ETH #比特币