The crypto market has taken a somber turn, with major cryptocurrencies like bitcoin (BTC), ether (ETH), solana (SOL), Binance coin (BNB), and chainlink (LINK) dropping by as much as 3%. This decline comes as the market grows frustrated with the slow progress on establishing a U.S. strategic BTC reserve. The market’s vulnerability is heightened by ongoing tariff discussions, potentially leading to a 50% or more drop from January highs for many coins. A notable bearish strategy in the options market for SOL reflects this pessimism, betting on a decline to at least $120 by the end of February. Ethereum (ETH) has already seen a 15% drop this month, reaching its lowest level in four years against bitcoin. Meanwhile, Ethereum’s layer-2 scaling solutions like Optimism, Arbitrum, and Polygon have all fallen over 50% this year. On the macro front, investors are turning to gold, which has hit a new high of $2,877 per ounce, up 10% for the year, and U.S. Treasury notes, as concerns about a potential trade war loom.
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