Crypto Chaos: Bitcoin’s Wild Ride and the Tariff Tango! 💰🕺

by

Ah, Bitcoin, the grand maestro of the crypto symphony, has been playing a rather sluggish tune over the weekend, dancing between the $96,000 and $97,000 notes. But lo and behold! On Monday morning, it took a nosedive below $95,000, plummeting to a low of $94,855 before springing back like a rubber band to its current level of $97,450. A marginal uptick, indeed! But beware, dear investors, for the winds of change are blowing, especially after our dear friend Donald Trump decided to throw some tariffs into the mix. Who knew aluminum and steel could stir such a ruckus? 🤷‍♂️

The crypto market, my friends, is as gloomy as a rainy day in November, with major altcoins painting the town red. Ethereum (ETH) is down just over 1%, clinging desperately to the $2,700 lifebuoy. Ripple (XRP) is down nearly 4%, while Solana (SOL) is barely holding on above $200. And let’s not forget Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Chainlink (LINK), and Stellar (XLM) – all taking a tumble. But wait! Litecoin (LTC) and Polkadot (DOT) decided to be the life of the party, rising over 8% and 0.50% respectively. The crypto market cap? Just a smidge down at $3.17 trillion. What a rollercoaster! 🎢

Hong Kong To Accept Crypto As Proof Of Assets For Investor Immigration

In a twist that could only be described as a plot twist worthy of a soap opera, Hong Kong has decided to accept cryptocurrency as proof of assets for investment immigration applications. Yes, you heard that right! Xiao Yaohe confirmed that a client successfully used crypto worth HK$30 million to apply for investment immigration. Talk about a golden ticket! 🎟️

And this isn’t the first time, folks! The first case was back in October 2024 when someone used Bitcoin (BTC) as proof of assets. Both applicants hailed from Mainland China, proving that crypto knows no borders. WuBlockchain shared the news on X, stating,

“For the first time, the Hong Kong government recognizes Bitcoin and Ethereum as proof of assets for investment immigration applications. So far, two cases have been approved, one for Bitcoin and the other for Ethereum holders.”

Xiao added,

“A report signed by me was issued, using ‘ethereum’ as proof of HK$30 million in assets to apply to Invest Hong Kong, and it has been approved.”

Invest Hong Kong, the agency that promotes foreign investment, is rolling out the red carpet for crypto enthusiasts. To apply for investment immigration, individuals must prove ownership of HK$30 million in assets. No biggie, right? 😅

Markets Uneasy As Trump Announces New Tariffs

As if the crypto market wasn’t already on a tightrope, President Donald Trump decided to announce tariffs on aluminum and steel, sending shockwaves through the trading floors. He boldly declared that any steel entering the US would face a 25% tariff. And just like that, the crypto market stumbled, with losses across the board. But fear not! They have since made a steady recovery. BTC dipped below $95,000 before bouncing back. ETH also took a hit, dropping to a low of $2,537 before recovering. The Crypto Fear & Greed Index? Still hanging out in the fear territory. 😱

Trump’s plans don’t stop there; he’s eyeing tariffs on the EU, oil, gas, superconductors, steel, and copper. It’s like a game of Monopoly gone wrong! On February 1, he announced a 25% tariff on Canada and Mexico and 10% on China, leading to a meltdown in both traditional and crypto markets. But hold your horses! The tariffs against Canada and Mexico have been paused for 30 days. What a cliffhanger! 📉

Bitcoin (BTC) Price Analysis

Bitcoin, the ever-dramatic protagonist, has been sluggish over the weekend, hovering between $96,000 and $97,000. But wait! The price has seen a slight uptick during the ongoing session, up nearly 1.50% as it inches towards $98,000. Despite this recovery, the bears are still lurking, and if buyers lose momentum, we might just see BTC

Read More

2025-02-10 17:30