Daily News | BTC Fell Below $92,000, And More Than 700,000 People Were Liquidated

Crypto Daily Digest: Over 700,000 people were liquidated across the entire network in the past 24 hours, setting a new high for the year

The market is closed over the weekend and there are no changes in crypto-related ETFs.

Over 700,000 people were liquidated in the past 24 hours

As of press time, according to Coinglass data, a total of 712,368 people worldwide had their positions liquidated in the past 24 hours, with a total liquidation amount of $1.92 billion.

Among them, Bitcoin contracts had a liquidation of more than $138 million, Ripple contracts had a liquidation of more than $36 million, and Ethereum contracts had a liquidation of more than $291 million.

The scale of network-wide liquidations caused by this decline has reached a new high in 2025.

CryptoQuant CEO: Meme coin may evolve into a digital consensus system with social value

CryptoQuant CEO Ki Young Ju posted on social media that although he is not a Memecoin fan, he believes it has potential value. He compared crypto exchanges to channels through which Internet capital flows into social spiritual energy, but Memecoin currently mainly has a negative impact and has led to industry leaders such as crypto exchanges being criticized.

He further noted that the current Memecoin phenomenon is akin to a primitive collective consciousness, and that these communities operate like shared belief systems, with the potential to evolve from “shamanic movements” into more structured belief systems.

India re-examined crypto stance amid global policy shifts

On February 3, Reuters reported that Indian Minister of Economic Affairs Ajay Seth said in an interview that India is reviewing its stance on cryptocurrencies due to changes in other countries’ attitudes towards crypto assets. The review comes after US President Trump announced a crypto-friendly policy, which may further delay the release of a crypto discussion paper originally scheduled for September 2024.

Market Trends: Bitcoin fell below $92,000, and the total market cap of cryptocurrencies fell below $3.2 trillion

Market Hotspots

Affected by Trump’s announcement of tariffs, the crypto market fell sharply. Large-cap blue-chip currencies were not spared, with Ethereum falling more than 25%, Ripple falling more than 27%, Dogecoin falling more than 27%, and ADA falling more than 30%. As large-cap currencies fell, the total market cap of cryptocurrencies fell below $3.2 trillion.

Due to the general and sharp decline in the market, the number and scale of liquidations hit a new high this year. According to Coinglass data, in the past 24 hours, a total of 712,368 people were liquidated worldwide, with a total liquidation amount of $1.92 billion.

Mainstream Coins

As of press time, Bitcoin has fallen below $92,000, with a 24-hour drop of more than 8%. The limited drop compared to other currencies has caused Bitcoin ($BTC) market share to return to above 60%, currently at 61.11%.

As of press time, Ethereum has fallen to $2,300, a 25% drop in 24 hours, resulting in a liquidation amount of more than $292 million, ranking first in the entire network.

Altcoins generally fell, with most sectors falling between 20% and 30%. The CeFi sector fell 16% in 24 hours, which was significantly more resilient than other sectors.

Macro News: The US imposed a 10% tariff on Chinese products exported to the US, the US dollar rose, and the market needs to reassess the trade war risk premium

On February 1, local time, the US government announced that it would impose a 25% tariff on imports from Canada and Mexico. The US also imposed a 10% tariff on Chinese products exported to the US, citing issues such as fentanyl. Trump also said that imposing tariffs on the EU “will definitely happen.”

Deutsche Bank analyst George Saravelos said the tariffs “are among the most hawkish protectionist policies we can imagine, and the market needs to reassess the trade war risk premium from a structural and long-term perspective.”

Affected by this, the Euro STOXX 50 index futures fell 3% during the session, and US stock index futures also fell sharply, with the S&P 500 index futures contract falling 1.69% and the Nasdaq 100 index futures contract falling 2.22%. The US dollar rose, and the US dollar index rose by more than 1%.