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Crypto Markets Shed $150B as Trump’s Trade War Hits China, Canada, Mexico (Weekend Watch)

Bitcoin and most altcoins have turned red in the past 12 hours or so, with BTC dumping below the coveted $100,000 line and many alts posting substantial losses. This came after US President Trump signed orders to impose harsh tariffs on imports from China, Mexico, and Canada. BTC Below $100K Bitcoin’s business week started with a nosedive that pushed it from $105,000 to under $98,000 in hours, but the asset bounced off and erased all losses in the next few days. The weekly peak came on Thursday, after the US Fed left the interest rates unchanged, as bitcoin jumped to over $106,500. However, it failed to maintain its run and was rejected on Friday, which resulted in a price dip to $101,500. The landscape worsened in the past 12 hours or so as the bears propelled another leg down that drove the cryptocurrency to well below $100,000. In fact, its intraday low came at $99,000 (on Bitstamp), which is being retested now as well. This somewhat unexpected price decline over the weekend could be attributed to the political scene that Trump shook last night. He signed an order to impose a 10% tax on all imports from China as well as 25% on imports from Mexico and Canada. Only energy coming from Canada will be taxed at 10%. Mexico and Canada retaliated by imposing taxes on US imports as well, while China said it would file a case against the States at the World Trade Organization. With this decline, BTC’s market cap has slumped to $1.970 trillion on CG, while its dominance over the alts has climbed to over 56%. BTCUSD. Source: TradingView Alts Bleed As it typically happens in such situations, the altcoins were hit the hardest. Ethereum is down to $3,100 after a 4.5% daily decline. XRP is below $2.9, while SOL, DOGE, LINK, AVAX, TON, and XLM have plunged by up to 9%. Even more painful declines come from VIRTUAL, HYPE, JASMY, RAY, TAO, LDO, THETA, FET, and GALA, as all of them are down by double digits. The cumulative market cap of all crypto assets has shed roughly $150 billion in a day and is down to $3.5 trillion on CG. Cryptocurrency Market Overview. Source: QuantifyCrypto The post Crypto Markets Shed $150B as Trump’s Trade War Hits China, Canada, Mexico (Weekend Watch) appeared first on CryptoPotato . CoinTurk News

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Dogecoin set for ‘steep price correction ahead,’ warns expert

Dogecoin ( DOGE ) is facing another round of bearish pressure, aligning with the general cryptocurrency market narrative, with a trading expert warning of more losses for the top meme coin. The potential drop stems from a technical formation where DOGE is experiencing a bearish crossover between the Market Value to Realized Value (MVRV) Ratio and its 30-day Simple Moving Average ( SMA ). Historically, this has signaled downward pressure, according to prominent trading expert Ali Martinez in an X post on February 2. DOGE price analysis chart. Source: Ali_charts The MVRV Ratio is a key metric to assess whether an asset is overvalued or undervalued relative to its realized price. When the ratio crosses below its 30-day SMA, it often suggests that holders are entering a period of profit-taking, leading to increased selling pressure. “DOGE just experienced a bearish crossover between the MVRV Ratio and its 30-day SMA, signaling a steep price correction ahead,” Martinez stated. Initially, in another X post on February 1, Martinez suggested that Dogecoin would likely drop to $0.20, observing that it followed a similar pattern to Pepe (PEPE). Based on the four-hour chart, Dogecoin appeared to mirror PEPE’s recent price drop. DOGE and PEPE price analysis chart. Source: Ali_charts At the time, Martinez emphasized that the $0.31 support level was crucial to avoid further declines. If this support fails, historical price action indicates that DOGE could see a deeper correction toward $0.20, aligning with PEPE’s recent trajectory. Dogecoin’s potential recovery path Meanwhile, pseudonymous trading analyst Trader Tardigrade suggested that Dogecoin’s downturn might not last long. According to the expert, DOGE might be gearing up for a bullish turnaround, as the meme cryptocurrency shows a bullish divergence on its daily Relative Strength Index ( RSI ). Despite DOGE forming a new lower low in price action, the RSI indicator is printing a higher low, signaling that downside momentum is weakening and a potential trend reversal could be on the horizon. DOGE price analysis chart. Source: TradingView Historically, such divergences often precede an upward move as selling pressure subsides and buyers step in. As reported by Finbold, Trader Tardigrade initially stated that DOGE has the potential to spike by about 3,000%, given historical setups. In general, Dogecoin is experiencing notable capital outflows as cryptocurrency markets continue to be impacted by uncertainties stemming from the DeepSeek sell-off . Additionally, there is uncertainty in the market following President Donald Trump’s announcement of a 25% tariff imposition on goods from Canada and Mexico. The drop in DOGE has largely been led by Bitcoin, which lost its $100,000 support level. Indeed, Dogecoin has also failed to react to bullish news surrounding the token. Specifically, there was anticipation of a DOGE rally following Grayscale’s launch of a Dogecoin Trust, which has increased institutional interest in the coin. The potential influx of institutional capital from such an investment product is vital in helping the meme coin move toward the $1 mark. DOGE price analysis As of press time, DOGE was trading at $0.30, having plunged by over 8% in the last 24 hours, while on the weekly chart, the token is down 10%. DOGE seven-day price chart. Source: Finbold As things stand, Dogecoin investors should anticipate further downward momentum, considering the asset’s technical setup for the short term remains bearish. For instance, the price is below the 50-day SMA ($0.3513) but remains above the 200-day SMA ($0.2247), indicating long-term support. Featured image via Shutterstock The post Dogecoin set for ‘steep price correction ahead,’ warns expert appeared first on Finbold . CoinTurk News