In a shocking development, Bitcoin has fallen below $100,000, causing major carnage across the crypto market. This crash has led to the liquidation of over 250,000 traders, and losses in the last 24 hours alone have reached over $ 500 million.
Market Overview
Bitcoin is currently priced at around $99,990 as of February 2, 2025, representing a 2.41 percent drop in the last 24 hours.
Causes of the Drop
The recent decline can mostly be blamed on geopolitical strains. President Trump’s move to establish tariffs on Canada, Mexico, and China has raised fears of a trade war and rattled markets worldwide.
Impact on Traders
The increased volatility has caused large-scale liquidations. More than $500 million has been liquidated in just the last 24 hours from around 250,000 traders. The largest single liquidation order was on Binance, worth almost $12 million.
Expert Insights
Financial analyst Kevin Capital warns of a repeat bearish pattern that has preceded market crashes in the past, which could see a further 29% downside.
Looking Ahead
Key support levels of $87,000 and $77,000 are being watched closely by analysts. How markets move going forward will depend on the economic policies that we implement in the coming week or so, as well as how we respond to the global market.
Conclusion
The latest drop under $100,000 has had huge consequences for the cryptocurrency market. This leads traders to be cautious and keep updated on any ongoing geopolitical news that may affect them
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