TechFlow News — On February 3, following reports from Bloomberg, the crypto market experienced a sharp sell-off after Trump announced new tariffs on Canada and Mexico. Caroline Bowler, CEO of BTC Markets, said recession concerns triggered by trade wars and stagflation have spread to the cryptocurrency market.
BTC dropped to $97,000, hitting a two-week low with a single-day decline of 4.3%; ETH fell by as much as 8%; DOGE plunged 14%, accumulating a total drop of 45% from its peak following Trump’s election victory; most altcoins including XRP, ADA, AVAX, and LINK declined over 10%.
According to the White House announcement, the new tariff policy will take effect on February 4, imposing a 25% tariff on imports from Canada and Mexico, and a 10% tariff on Canadian energy resources. The White House warned that it would further increase tariffs if retaliatory measures are taken.
