Why Did Ripple’s (XRP) Price Tumble by 8% Daily?

Bitcoin’s weekend took a wrong turn in the past 12 hours or so as the asset plunged below $100,000 for the first time since the Monday crash.

As expected, the altcoins have turned red as well, with substantial losses from the likes of LINK, SOL, AVAX, DOGE, and others.

Recall that the primary cryptocurrency had a strong end for the business week and, subsequently,the month, as its price stood above $105,000 and even challenged $106,000 on a couple of occasions.

However, the bears stepped up and didn’t allow a surge toward a new all-time high. Just the opposite, BTCslumpedon Friday evening and Saturday morning to $102,000.

It maintained that level for most of Saturday but started to lose traction again in the past several hours. As a result, it dropped to $99,000, which became its lowest levels since the Monday correction that pushed it below $98,000.

As of now, the cryptocurrency stands about a grand higher and is striving to return within six-digit territory.

However, the altcoins have suffered a lot more, with SOL, DOGE, LINK, AVAX, LTC, and HYPE dumping by almost double-digits. Even more painful declines come from the likes of VIRTUAL (-19%), TAO (-15%), RAY (-13%), LDO (-13%), GALA (-13%), and TRUMP (-13%).

This enhanced volatility has led to more than $500 million in liquidations over the past day, and the number is north of $400 million within the last 12 hours alone. Nearly 250,000 traders have been wrecked on a 24-hour scale. The single-largest liquidation order took place on Binance. It was worth close to $12 million.

Bitcoin has dropped below $100,000 for the first time in six days following US President Donald Trump signing an executive order to impose import tariffs on goods from China, Canada, and Mexico.

The imposed tariffs have already triggered retaliation from the three countries, and the crypto industry is divided on how this will affect the broader market.

According to a Feb. 1 statement from the White House, “Trump is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China. Energy resources from Canada will have a lower 10% tariff.”

The past week was one of two distinct halves for the AAVE price, which initially kicked off with a bearish downturn beneath the $300 mark. The DeFi coin has since shown strong signs of recovery, jumping to as high as $340 on Friday, January 31st.

Based on its latest price setup, the AAVE token looks set to be one of the best performers in the crypto market this February. However, a crypto analyst has clarified that it might not be a smooth sailing journey for the AAVE price over the next few months.

Here’s How AAVE Could Reach Its High In This Cycle

Prominent crypto trader Ali Martinez took to the X platform to share an exciting bullish projection for the price of AAVE. According to the pundit, the DeFi coin could be readying for an over 6,400% rally before the end of this current cycle.

This bullish prediction is based on the action of the AAVE’s price around a TD (Tom Demark) Sequential resistance trendline. The TD Sequential indicator is a tool used in technical analysis to identify the exact time of trend exhaustion and price reversal for a specific token.

However, the TD Sequential indicator can also generate trendlines, which can serve as crucial resistance and support levels for price. These levels are determined using the extremes of the first candle in the Setup phase of TD Sequential.

In the last cycle — specifically in 2020, the AAVE price breached the TD Sequential resistance trendline (represented as the black dots in the chart above). This singular action was followed by a 6,400% rally, which saw AAVE reach its current all-time high price of $661 in 2021.

As it stands now, the price of AAVE is testing a similar resistance trendline around the $350 level on its monthly chart. If the price successfully breaks through this resistance zone — and history holds true, AAVE could witness a move to $3,500.

AAVE Price In The Short Term?

As of this writing, AAVE’s price stands around $337, reflecting an almost 7% increase in the past 24 hours. According to data from CoinGecko, the altcoin is down by 1% in the last seven days.

While AAVE’s future looks incredibly bullish, there are certain obstacles the DeFi coin might need to overcome sooner than expected. According to Martinez in a separate post on X, the AAVE price faces two key resistance zones at $243 and $365, where investors purchased 1.3 million and 971,000 tokens, respectively.Martinez noted that breaching these supply barriers is crucial for AAVE’s bullish breakout and a potential run to a new all-time high.Featured image from Binance Academy, chart from TradingView

Crypto exchange Coinbase has acquired Spindl, an onchain advertising and infrastructure platform, as part of a broader push to expand the reach for projects built on its Ethereum layer-2 network Base.

“Coinbase has acquired Spindl, an onchain ads and attribution platform (re)building the ad tech stack onchain, to improve the onchain discovery problem for onchain builders,” Coinbase said in a Jan. 31 statement.

Aiming to replicate Facebook ads success, but onchain

In a Jan. 31 X video, Base creator Jesse Pollak said Spindl’s founder, Antonio García Martínez, was part of the team behind Facebook’s original ads platform, which played an important role in scaling the platform and helping small businesses and “other folks” go viral online.

“Now they’re coming to do it again onchain, and they’ve built it from the ground up in smart contracts all onchain, and they’re helping builders right now go viral,” Pollak said.

Pollak explained that Spindl will give builders “the resources they need” to reach more customers.

Dogecoin whales are making moves again, scooping up a whopping 560 million DOGE tokens in just one week, as market conditions become more favorable. This large-scale purchase underscores the renewed interest and growing confidence in Dogecoin’s future potential. As demand surges, crypto community members ponder the reasons behind the massive accumulation and the impact on the price of Dogecoin.

Dogecoin Whales Gobble Up 560 Million Tokens

Dogecoin‘s biggest players are back in action, as reports from crypto analyst Ali Martinez reveal that these deep-pocketed investors, often called “Whales,” have been aggressively adding to their Dogecoin holdings. Whale transactions, typically defined as transfers exceeding $100,000, have risen lately, suggesting strategic accumulation among investors.

Martinez disclosed in his X (formerly Twitter) post on January 31 that Whales have accumulated 560 million DOGE tokens in one week. This significant Whale activity comes after the market experienced a deep selloff, with many investors opting to liquidate their bags for profit due to bearish market conditions.

President Trump on Saturday declared steep tariffs on all imported goods from Canada, Mexico, and China, setting the stage for a trade war with the U.S.'s largest trading partners. Trump set the tariffs at 25% on Canada and Mexico, with a 10% carve-out for Canada's oil and energy exports, and a 10% tariff on all goods from China. 

Though the tariffs were initially set to go into effect on Saturday, Feb. 1, the implementation was delayed to Tuesday, Feb 4, at 12:01 am. The tariffs will be imposed on top of any existing tariffs, and have been implemented in response to the flow of illegal drugs into the United States, according to the White House. 

"The government of Mexico has afforded safe havens for the cartels to engage in the manufacturing and transportation of dangerous narcotics, which collectively have led to the overdose deaths of hundreds of thousands of American victims," a White House fact sheet states. 

Mexico's President Claudia Sheinbaum was the first to announce retaliatory tariffs and non-tariff measures in response, in a post on X Saturday evening. In the post, Sheinbaum proposed that the U.S. and Mexico establish a working group to combat criminal organizations, warned against using tariffs to solve problems, and forcefully denounced the White House's accusation that the Mexican government has alliances with drug cartels. 

"I instruct the Secretary of Economy to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," a translation of Sheinbaum's post reads. 

The Canadian government is also reportedly considering levying counter-tariffs on American goods in response. Canadian Prime Minister Justin Trudeau said he would announce more details to the Canadian people in an address on Saturday night. 

The Canadian government's response may include export tariffs on energy, Bloomberg reported Saturday, setting the stage for a critical trade war between the U.S. and its largest foreign energy supplier. The price of energy factors heavily into the cost of mining Bitcoin in the U.S., which has an estimated 36% share of the global hashrate, according to mining firm Luxor. 

The Block's GMCI 30 index of the top 30 crypto tokens by market cap is down about 4% over the past 24 hours as the market responds to Trump's executive order. 

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