NAIROBI (CoinChapter.com)— Bitcoin (BTC), Toncoin (TON), and Shiba Inu (SHIB) faced sharp price declines amid macroeconomic uncertainty and renewed U.S. trade tariffs.
Bitcoin Drops as Trade War Intensifies
Bitcoin fell 7% to $93,768.66 as global markets reacted to tariffs imposed by U.S. President Donald Trump. The CoinDesk 20 index slumped 19%, while Ether (ETH) dropped 20% to its lowest level since Nov. 2024. The crypto market downturn followed Trump’s order enforcing a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods, effective Tuesday. The move raised concerns over economic instability, further pressuring speculative assets like BTC.
Jeff Park, head of alpha strategies at Bitwise Asset Management, said a prolonged trade war could weaken the U.S. dollar, strengthening Bitcoin’s long-term value.
Jeff Park lays out the argument for tariffs sending BTC prices higher. Source: Jeff ParkHowever, in the short term, Bitcoin remains sensitive to macroeconomic uncertainty, with key support at $90,000. If BTC fails to hold this level, analysts see potential for further losses toward $80,000.
Bitcoin’s (BTC) on-chain options market on Derive.xyz indicates a 22% probability of prices falling to $75,000 by March 28, a notable rise from last week’s 10% chance. Arthur Hayes, chief investment officer at Maelstrom and former BitMEX CEO, also warned of a potential drop to $75,000 before a broader bullish reversal.
Tariffs drive dollar surge, Fed may react. Source: XMeanwhile, Andre Dragosch, head of Europe at Bitwise, noted that the U.S. Federal Reserve may eventually step in to prevent further financial tightening and dollar appreciation, potentially providing relief to BTC.
Toncoin Crashes 19%—More Pain Ahead?
Toncoin (TON) has plunged 19.3% in the past 24 hours, trading at $3.71 after breaking below key support levels. The sudden drop comes as over 240,000 TON tokens moved to exchanges, intensifying selling pressure. TradingView data shows TON briefly touching $2.91 before rebounding slightly, but the overall trend remains bearish.
TON Trading Liquidity Drops Amid Price Volatility. Source: XBlockchain analytics firm CryptoQuant highlighted a deleveraging trend, with a decline in total value locked (TVL) across decentralized and centralized exchanges. Analyst Joao Wedson noted that while retail investors are capitulating, large holders might see this as an accumulation opportunity. The Chaikin Money Flow (CMF) stands at -0.04, signaling weak liquidity, while the Relative Strength Index (RSI) sits at 20.45, deep in oversold territory.
TON/USD 1-day price chart. Source: TradingViewTON has now broken down from a 300-day trading range, a move that could accelerate further losses unless buyers step in.
SHIB Crashes 18%—Bears in Full Control?
Shiba Inu (SHIB) has dropped 18.3% in the last 24 hours, trading at $0.00001427 as of Feb. 3. The memecoin has broken below key support levels, extending its bearish momentum. The latest TradingView chart shows SHIB failing to hold above the 200-day EMA at $0.00002059, a critical trend indicator, while the 50-day EMA at $0.00002098 reinforces downward pressure.
SHIB has also lost its long-term ascending trendline, confirming the bearish breakdown. Fibonacci retracement levels suggest that $0.00001096 could act as the next support, with an even deeper decline toward $0.00000800 possible if selling pressure continues. The Relative Strength Index (RSI) at 24.68 indicates that SHIB is deep in oversold territory, but with no signs of a reversal.
Shiba Inu Large Transactions vs. SHIB price. Source: IntoTheBlockDespite the sell-off, whale investors ramped up SHIB accumulation. Blockchain analytics firm IntoTheBlock reported a surge in large transactions from 1.5 trillion SHIB on Jan. 31 to 4.3 trillion SHIB by Feb. 2, a near 200% increase. Historically, such accumulation during downturns has helped stabilize prices.
The broader cryptocurrency market remains under pressure from macroeconomic factors, with Bitcoin’s trajectory closely tied to developments in the U.S. trade war and Federal Reserve policies. Toncoin’s deleveraging trend suggests a possible bottoming phase, while Shiba Inu’s whale accumulation could act as a stabilizing force.
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