Crypto Bloodbath on Trade War, Largest Liquidations Ever
The cryptocurrency market is experiencing significant turmoil as the future of the US trade war looms, leading to unprecedented liquidations totaling $2.3 billion. Ethereum (ETH) has suffered a staggering price drop of 35%, leading the declines among major cryptocurrencies. Bitcoin's dominance in the market has escalated to levels not seen in four years, while February is projected to witness $3 billion in token unlocks, primarily driven by Solana (SOL). Stablecoin total value locked (TVL) has reached a record $218 billion. Asian cryptocurrency stocks, notably Metaplanet, are facing sharp declines, exacerbating fears of a bubble collapse. Notable developments include MicroStrategy raising $563 million to purchase Bitcoin, Tether reporting a profit of $13 billion, and India reassessing its crypto regulations. Meanwhile, the South Korean Kimchi premium for Bitcoin is at a three-year high, and XRP has been excluded from Hong Kong's approved cryptocurrencies list. These events signify a critical juncture for the cryptocurrency sector as various factors influence market dynamics.
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