On February 3, 2025, the cryptocurrency market faced a sharp decline due to China's tariffs on US goods and an antitrust probe into Google.
China's Response and Its Impact
China imposed 10-15% tariffs on key US exports, such as coal, oil, and agricultural equipment, in response to the 10% tariffs by the United States on Chinese imports. Additionally, further tariffs are planned from February 10. These measures have led to widespread concerns in global markets.
Crypto Market Under Pressure
On February 3, over $2.2 billion was liquidated in the crypto market. Bitcoin fell to $91,541, while Ethereum plunged nearly 25%. More than a quarter of the top 100 cryptocurrencies experienced declines of 20% or more.
Signs of Recovery and Trade War Risks
Despite initial losses, the market started recovering due to a temporary pause on US tariffs on Canadian goods. Bitcoin surged 4.23% to $99,000, while Ethereum rebounded by 6.8%. However, trade war risks remain as global markets continue to face tension.
The current situation shows how quickly markets can change due to external political factors. The temporary stabilization of cryptocurrencies highlights the growing role of macroeconomic events in investment decisions.
