I just checked the charts and I see that cryptocurrencies dropped quite a bit today. Bitcoin is at $74K, Ethereum at $2.3K, and the altcoins suffered more: Solana fell nearly 3%, XRP dropped 1%, Dogecoin lost 1.5%. Nothing surprising given the current market climate.

What happened is that Trump fueled fear over the weekend with his threats of tariffs toward Europe. He said he will impose 10% starting February 1 and raise it to 25% in June if there is no agreement. That triggered a widespread risk-aversion panic, and cryptocurrencies obviously took the worst hit.

It’s not that Bitcoin is collapsing, but clearly traders are reducing leverage. Roughly $600 million were liquidated in long positions in 24 hours according to data. Altcoins, as always in these moments, were the ones hit the hardest because they have higher volatility. Gold and safe bonds rose, the dollar weakened a bit—this is the typical defensive move when cryptocurrencies drop for macroeconomic reasons.

The question now is whether Bitcoin can hold near $70K o or if the correction deepens further. Meanwhile, everyone’s watching what happens with the tariffs and whether there are new moves in trade policy. For now, the crypto market is completely tied to global risk headlines.