- Daily Dispatch
- Posts
- Crypto market chaos! 📈
Crypto market chaos! 📈
President Trump's budding trade war has spurred dumps and pumps alike for crypto prices in recent days. Here's what you need to know.
Andrew Hayward
February 03, 2025
Together with:
📝 What you need to know
How volatile have the markets been over the past day? Bitcoin has made a $10,000 swing during that span—and other coins have dumped and then pumped harder.
Crypto prices started falling on Friday as President Donald Trump’s administration announced impending trade tariffs against Canada, Mexico, and China. Over the weekend, as America’s neighbors started sharing retaliatory plans, investors got spooked—and prices plunged hard. Over $2 billion in crypto liquidations piled up, and Bybit’s CEO said that was a lowball estimate!
But once word came out this morning that Trump and Mexican President Claudia Sheinbaum had agreed to pause the American tariffs and any retaliatory measures for 30 days, traders felt emboldened. Bitcoin rebounded and topped $102K after being near $92K late Sunday, while XRP surged by 12% in an hour and other top coins similarly bounced back.
Now the big, lingering question is: How long will trade tariff drama fuel wild swings across financial markets? GSR Head of Research Brian Rudick told Decrypt that the tariffs should convince any doubters that Trump will follow through on his myriad campaign promises—but that the president will no doubt be eyeing the impact.
“Trump cares about market performance,” said Rudick.
😂 Meme of the Day
From our partner
Introducing Grayscale Bitcoin Miners ETF (ticker: MNRS). MNRS provides exposure to Bitcoin Miners and the global Bitcoin Mining industry at a time when we’re seeing unprecedented interest and growth in Bitcoin.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866)-775-0313 or visit our website at etfs.grayscale.com/mnrs. Read the prospectus or summary prospectus carefully before investing. MNRS is distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser.
