Bitcoin decreased to less than $ 100,000, as the widely scale encryption market experiments increased.
This recession coincides with a significant decrease in the activity of transactions on the Bitcoin network, which makes the Mempool gathering volume to its lowest level since March 2024.
The market shrinks grant more than $ 500 million of the qualifiers
Over the past 24 hours, Bitcoin has decreased to less than $ 100,000, as more than 4 % of its value has fallen and touched $ 98,000 for a short period. Data from Beincrypto indicates that Bitcoin was initially peak at $ 102,000 before undergoing sale pressure.
The decline follows the broader instability in the market, as the maximum Crypto market loses 5 % of its value. Other major cryptocurrencies have faced severe decreases. Ethereum, Solana and BNB all recorded losses exceed 7 %.
The increasing volatility caused the liquidation sphere, eliminating more than $ 555 million at the usefulness of this, according to Coinglass. More than 239,000 coercive liquidation traders, with long traders – those who are betting on price increases – faced the heaviest losses, amounted to $ 491 million.
Short traders, who are expected to drop in prices, lost about 63 million dollars.
Disorders follow US President Donald Trump resolution To impose strict definitions on the main commercial partners, including Canada.
The administration claims that the step is designed to reduce the flow of uncomfortable immigrants and illegal materials in the United States. However, customs duties raised concerns about inflationary pressure on American consumers.
In response, Canadian Prime Minister Justin Trudeau has announced reprisal measures and a 25 % tariff on US imports worth $ 106 billion.
The first round of the fees, targeting $ 30 billion in goods, will be effective immediately, with an additional $ 125 billion of the definitions scheduled in the coming weeks.
Bitcoin network sees a sharp decrease in transactions
Besides the market turmoil, the Bitcoin network activity decreased significantly, with the appearance of MEMPOOL – the waiting area of unconfirmed transactions – in size.
On February 1, Cryptoquant data shows that Mempool is almost empty, indicating a sharp decrease in the volume of treatment. The data also reflects that bitcoin transactions fees have decreased to 1 SAT/VB, indicating a decrease in demand for the mass area.
This represents the lowest level of transaction activity since March 2024.
This trend raises concerns about the use of Bitcoin as a method of exchange, as some analysts indicate that the increasing BTC perception as digital gold may inhibit the use of transactions.
Bart Mall, the Podcast Radio Satoshi, criticized the transformation in the narration, noting that the celebration of empty nails overlooks the potential risks of the founding role of Bitcoin. Like “wood rot” at home foundation, warning that lack of transactions activity can undermine the basic function of Bitcoin.
Bitcoiners celebrate that Mempool Elected is one of the most underdeveloped things that I have seen some time ago. Digital gold is slowly destroy books.
In fact, Mall’s suspension is in line with the increased bitcoin dependence as a backup asset. Many companies and governments have started thinking about Bitcoin for her cabinet. These novels reinforce the distinguished symbol position as a long -term store for value instead of the transaction currency.
However, the continuous decrease in the activity on the chain raises questions about the long -term Bitcoin benefit along with a digital golden reserve.
Disintegration
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