Cryptocurrencies Price Prediction: Bitcoin, Cardano & Dogecoin – European Wrap 3 February

Bitcoin Price Forecast: Fears of Donald Trump’s tariff wipe $2.26 billion from crypto market

Bitcoin (BTC) price edges below $95,500 on Monday after declining nearly 5% the previous week. Fears caused by United States (US) President Donald Trump’s tariffs on major trading partners, including China, Canada, and Mexico, wipe $2.26 billion from the crypto market. Nick Forster, Founder of Derive.xyz, told FXStreet that recent tariffs imposed are likely to lead to increased inflation, which could dampen investor sentiment in crypto markets.

Bitcoin’s price declined on Friday as it dropped below a key support level. This correction was fueled by the implementation of US President Trump’s announced tariffs on major trading partners, including China, Canada, and Mexico, on Saturday, which exerted some selling pressure on the overall crypto market. 

Top altcoins Solana and Cardano crash amid fears of President Trump’s tariffs

Cardano (ADA) and Solana (SOL) prices continue to trade in red on Monday after falling over 15% the previous week. On Saturday, the implementation of the United States (US) President Donald Trump’s announced tariffs on major trading partners, including China, Canada, and Mexico, exerted some selling pressure on the overall crypto market. 

The recent downturn at the start of this week has liquidated over $120 million from ADA and SOL in the last 24 hours. Both altcoins' technical outlook and on-chain metrics suggest a continuing bearish trend.

Dog-theme memecoins DOGE and SHIB crashes, over $90 million wiped out

Dogecoin (DOGE) and Shiba Inu (SHIB) prices continue to edge down on Monday after falling more than 10% the previous day. The recent downturn has liquidated over $90 million from these dog theme-based memecoins in the last 24 hours. The technical outlook suggests the continuation of the downturn, as both memecoins momentum indicators show a bearish trend.

The dog theme-based memecoins DOGE and SHIB declined more than 17% in the last two days. The coins continue their double-digit declines on Monday, triggering a wave of liquidations, resulting in over $90 million in total liquidations and more than $80.91 million specifically in DOGE, according to data from CoinGlass.