Bitcoin Takes a Tumble: Is Trump’s Tariff the New Market Rollercoaster? 🎢💸

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Ah, Bitcoin, that elusive digital currency that seems to have the emotional stability of a cat on a hot tin roof. In the last 24 hours, it has decided to take a little dip—down about 3%, now lounging at a cozy $101,530.19. Its market cap has also decided to join the party, falling back to a mere $2.01 trillion, which is a 2.44% drop. Meanwhile, trading volume has climbed like a squirrel on espresso, up 15.20% to $43.41 billion. Who knew numbers could be so dramatic?

What’s behind the drop?

Well, it seems that many investors have linked this sudden plummet to the grand unveiling of Donald Trump’s new tariff policies, set to take effect on February 1. Traders are bracing themselves for potential economic shifts, which is a fancy way of saying they’re clutching their wallets and praying to the gods of finance.

In the last 24 hours, Bitcoin worth $64.04 million has been liquidated. Yes, you heard that right—liquidated! Of that, $45.34 million were long liquidations, and $18.69 million were short liquidations. It appears that bullish traders were caught off guard, much like a cat that suddenly realizes it’s been locked in a room with a vacuum cleaner.

But fear not! Not everyone is throwing their hands up in despair. The ever-optimistic investor and finance writer Robert Kiyosaki sees this as a golden buying opportunity. He took to X (formerly known as Twitter, because why not?) to proclaim, “TRUMP TARIFFS BEGIN: Gold, silver, Bitcoin could crash. GOOD. Will buy more after prices crash. Real problem is DEBT….which will only get worse.” Ah, the sweet smell of optimism mixed with impending doom!

Arthur Hayes, co-founder of BitMEX, is also in on the fun, predicting a “mini financial crisis.” He believes Bitcoin could plummet to $70,000 before it decides to take a rocket ride to $250,000 during the next big bull run. Because who doesn’t love a good rollercoaster ride with their investments?

According to the wise sages at Glassnode, there’s a significant price cluster ranging from $94,000 to $101,000, with the $98,000 level serving as a crucial support. If Bitcoin decides to break through that level, it might just sink to $90,000 or lower. It’s like watching a soap opera, but with more numbers and fewer dramatic pauses.

On the charts, Bitcoin appears to be making a double-bottom, which sounds like a fancy dance move. It first fell from $106,000 to $101,000, bounced back to $102,000, and then fell again to $101,000. If this pattern continues, Bitcoin might just get another chance to break above the resistance at $106,000. But if support breaks, well, let’s just say it could be a bumpy ride ahead.

With Trump’s tariffs looming like a dark cloud over a picnic, the market is as volatile as a toddler with a sugar rush. Some see more downside ahead, while others view this pullback as the perfect opportunity to dive in headfirst. Just remember to hold your nose!

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2025-02-01 13:57