Bloodbath!

Bitcoin fell below $100K as the crypto market reacted to President Trump's tariffs on imports from Canada, Mexico, and China, prompting retaliatory measures and lawsuits.

Author

CoinSnacks
February 03, 2025 • Estimated Reading Time: 5 minutes

Happy Monday. The risk-on market is showing just how volatile it can be. Between DeepSeek’s embarrassment of American AI, to Trump’s weekend tariffs, crypto markets are responding to market forces by whipsawing. Buckle up… Q1 could get rough.

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5. Elon Rips Treasury Handouts

In his latest government cost-cutting crusade, Elon Musk accused Treasury officials of “breaking the law every hour” by approving fraudulent payments that ignore Congressional funding rules. One proposed fix? Putting the Treasury on a blockchain. The suggestion aligns with a recent Bloomberg report we highlighted last month. Meanwhile, Trump’s Treasury Secretary Scott Bessent allegedly granted DOGE root access to the system that handles about $5 trillion in payments per year. This could get interesting.

4. Crypto Sits Out the Super Bowl

Over 100 million viewers are expected to tune in for the Super Bowl this Sunday. And with that come record-breaking ad prices ($8 million per slot, according to Fox). But unlike previous years, crypto is sitting this one out. Is it a sign of the times? Is AI taking the spotlight? Or are crypto companies finally learning from past mistakes? Maybe all three… but there are still 7 days for $TRUMP to buy a slot.

3. India Is Rethinking Strict Crypto Regulations

India is giving its crypto rules a second look, citing global shifts – and yes, that includes Trump’s recent pro-crypto moves in the U.S. While these discussions could open doors for a friendlier framework, there’s still no tax relief in sight for Indian traders. The government’s 30% tax on all crypto gains remains in place, and the 1% TDS on every transaction hasn’t budged. Bottom line? India still has a long way to go.

2. Coinbase Obtains VASP Registration in the UK

Coinbase says it is now the largest registered digital assets company in the UK after acquiring a VASP registration, which allows the exchange to offer both crypto and fiat in the country. The announcement follows a similar approval for Coinbase last week in Argentina.

1. Tariffs Spark Bloodbath

Bitcoin fell below $100K as the crypto market reacted to President Trump's tariffs on imports from Canada, Mexico, and China, prompting retaliatory measures and lawsuits. Other major cryptocurrencies have seen far steeper declines, with ETH and Ripple's XRP dropping 20% before recovering slightly. While fears around trade wars mount, we'll leave you with something optimistic today. Bitwise's Head of Alpha Strategies, Jeff Park, just outlined his thesis on why the incoming tariffs could be good for bitcoin.

  • UPDATE: In classic Art of the Deal, The U.S. and Mexico struck a last-minute agreement to delay new tariffs. President Trump said he was speaking to Canadian Prime leader Justin Trudeau this afternoon.

Elon’s Social Security shock?

New research reveals what Elon Musk could be planning in Washington D.C. and how it may impact your money. In short, Elon has much bigger plans than simply "draining the swamp."

His next big project could bring about nothing short of a revolution in our economy... It could change the way you file and pay your taxes... collect Social Security... and how you travel. To do it, Elon will likely use the same strategy he’s applied in every other business.