Major digital assets including bitcoin (BTC), ether (ETH), Solana’s SOL, and XRP were all significantly down as Asia began its trading week. By mid-morning Hong Kong time, BTC was down 8%, trading above $93,100, according to CoinDesk Indices data.
By afternoon Hong Kong time, BTC appeared to stabilize near $93.9K.
Meanwhile, ether (ETH) is down nearly 20%, trading below $2,500, while SOL is down 7% at $193. XRP is down 23% and trading at $2.
Coindesk 20 (CD20), an index of larger virtual assets, has decreased by 17%. Trump’s same (Trump) has dropped 12%.
World Liberty Financial (WLFI), the crypto project backed by Donald Trump’s family, was also hit by market volatility with its January crypto investments down 20% according to data compiled by SpotOnChain.
The cryptographic investment of 242. 77 million dollars in World Liberty Financial made between January 19 and January 31 has now decreased by more than $ 51. 7 million (-21%) after the new Trump price lists shake the markets! Their main maximum losses include: • $ eth: – $ 36. 7 million (-24. 4%) • WBTC: – $ 8 million (-12. 1%) • $ ENA: – 2. 05 million dollars (-43. 7%) Trump . . . https: / /T. co/5BxSNPABL pic. twitter. com/7b45g73oll
Data from CoinGlass shows that over the last 12 hours nearly $1.3 billion in long positions have been liquidated, with around $400 million in long ether positions and $300 million in long BTC positions.
The market correction stems from a trade war that has seemingly been ignited by U.S. President Donald Trump with 25% tariffs being placed on Canada and Mexico.
Many market watchers are skeptical about price benefits, with an editorial from the Wall Street Journal editorial board calling for the “stupidest industry war” over the weekend.
Brussels said the European Union would firmly react at all imposed on its member states.
“Prices create economic disruption and spur inflation. They are hurting all parties,” Politico said, a spokesperson said.
The U.K. seems to be the only nation that’s able to get a reprieve from tariffs, with Trump saying a deal can be “worked out” according to the BBC.
Trump, for his part, dismissed criticism, in a series of posts on Truth Social over the weekend, suggesting that critics were being funded by China. UPDATE (Feb. 3, 04:30 UTC): Updates pricing, mentions WLFI loss.
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX’s collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
About
Contact
Policies