Filecoin (FIL), Arbitrum (ARB) and Cosmos (ATOM) are among the biggest losers in the crypto market in the past 24 hours as traders see over $2.3 billion liquidated.
The global crypto market cap fell 8% to $3.1 trillion, with daily trading volume on Monday, February 3, up 193% to over $333 billion.
Tariff hikes and market reaction
Crypto began 2025 with prices largely constrained after a massive run in the two months after President Donald Trump’s election.
The market has started Feb. even worse, with panic selling hitting as Trump announced the imposition of 25% tariffs on Canada and Mexico.
Trump also announced a 10% levy on China. But Canada hit back, Prime Minister Justin Tradaeu announcing a 25% tariff on over $106 billion of U.S. goods.
As well as equities, the crypto market’s reaction to Trump’s trade war was swift and brutal.
“Expect more volatility ahead as Trump negotiates with Canada & Mexico tonight, while doubling down on EU tariffs next,” QCP Capital posted on X.
Filecoin, Arbitrum, Cosmos dump amid crypto bloodbath
Bitcoin price nosedived below $100k to hit lows last seen in mid-January near $92k.
Ethereum, XRP, BNB and Solana also tanked as altcoins sold-off.
ETH saw the biggest single day drop in four years as price fell from highs of $3,000 to around $2,300. XRP dropped to below $2.
In this bloodbath, mid-cap tokens FIL, ARB and ATOM also fell off sharply.
Per data from CoinMarketCap, the altcoins traded more than -20% each in the past 24 hours.
They are the top losers on the day among top 100 cryptocurrencies by market cap.
Filecoin price was down 24% at $3.23, while Arbitrum and Cosmos were hovering near $0.44 and $4.39 respectively. ARB and ATOM were down more than 22% each.
Despite the declines, crypto analysts remain largely bullish on the market.
For instance, Michael van de Poppe says alts could see a notable bounce in the next one to two weeks.
The wicks are massively deep on the #Altcoins.
My key tip: don’t let your emotions get into control.
It’s very likely the actual capitulation low on those altcoins, through which I expect that most of them will be up 30-50% in 1-2 weeks time.
Over $2.3 billion liquidated in 24 hours
Panic selling hit crypto as tariff hikes threatened investor confidence.
Over $2.3 billion in positions were wiped out in 24 hours.
Per Coinglass, the selling pressure saw more than 734,340 traders liquidated.
The total liquidations shot to over $2.3 billion, rising by over 330% in 24 hours as longs felt the pain of sudden volatility.
Bitcoin witnessed the largest single liquidation order with a $38.78 million position liquidated on HTX.
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