The crypto market has experienced a significant downturn today, losing billions as Bitcoin dropped below $100,000. This decline was magnified by US President Donald Trump's announcement of new tariffs on imports from Canada and Mexico, as well as on China, set to take effect on February 4. In total, the cryptocurrency market capitalization fell 9.7% to $3.07 trillion, marking the lowest level since November 2024. The announcement has led to fears of a trade war, prompting a sell-off, with Ethereum (ETH) and XRP falling 16% and 16.4%, respectively. Over $2.25 billion in crypto positions were liquidated, particularly long positions, affecting over 738,000 traders. The overall market capitalization dropped from a high of $3.57 trillion, resulting in a loss exceeding $700 billion within four days. This has also seen key support levels fall, reinforcing bearish momentum as the market approaches potentially oversold conditions.

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