Analyst: Crypto Market Hit by Safe Haven Selling After Trump Announces Tariff Policy

BlockBeats News, February 3rd, according to Bloomberg, BTC Markets CEO Caroline Bowler stated: "Trump's tariff policy is affecting the entire market, and concerns about a trade war and recession caused by stagflation are spreading to the altcoin and Bitcoin market." BTC fell to around $97,000, its lowest level in over two weeks.

Specifically, BTC fell 4.3% in Sunday's trading, ETH fell 8%, while the altcoin sell-off was more intense. Including DOGE, it fell by about 14% during the trading period, down 45% from the high reached after the digital asset rebound stimulated by Trump's victory on December 8th last year. Altcoins such as XRP, ADA, AVAX, and LINK all fell by more than 10%.