FIL, ARB and ATOM plunge amid $2.3 billion crypto liquidation

Filecoin (FIL), Arbitrum (ARB) and Cosmos (ATOM) are among the biggest losers in the crypto market in the past 24 hours as traders see over $2.3 billion liquidated.

The global crypto market cap fell 8% to $3.1 trillion, with daily trading volume on Monday, February 3, up 193% to over $333 billion. 

Tariff hikes and market reaction

Crypto began 2025 with prices largely constrained after a massive run in the two months after President Donald Trump’s election. 

The market has started Feb. even worse, with panic selling hitting as Trump announced the imposition of 25% tariffs on Canada and Mexico.

Trump also announced a 10% levy on China. But Canada hit back, Prime Minister Justin Tradaeu announcing a 25% tariff on over $106 billion of U.S. goods.

As well as equities, the crypto market’s reaction to Trump's trade war was swift and brutal. 

Filecoin, Arbitrum, Cosmos dump amid crypto bloodbath

Bitcoin price nosedived below $100k to hit lows last seen in mid-January near $92k.

Ethereum, XRP, BNB and Solana also tanked as altcoins sold-off.

ETH saw the biggest single day drop in four years as price fell from highs of $3,000 to around $2,300. XRP dropped to below $2.

In this bloodbath, mid-cap tokens FIL, ARB and ATOM also fell off sharply.

Per data from CoinMarketCap, the altcoins traded more than -20% each in the past 24 hours.

They are the top losers on the day among top 100 cryptocurrencies by market cap.

Filecoin price was down 24% at $3.23, while Arbitrum and Cosmos were hovering near $0.44 and $4.39 respectively. ARB and ATOM were down more than 22% each.

Despite the declines, crypto analysts remain largely bullish on the market.

For instance, Michael van de Poppe says alts could see a notable bounce in the next one to two weeks.

Over $2.3 billion liquidated in 24 hours 

Panic selling hit crypto as tariff hikes threatened investor confidence.

Over $2.3 billion in positions were wiped out in 24 hours. 

Per Coinglass, the selling pressure saw more than 734,340 traders liquidated.

The total liquidations shot to over $2.3 billion, rising by over 330% in 24 hours as longs felt the pain of sudden volatility.

Bitcoin witnessed the largest single liquidation order with a $38.78 million position liquidated on HTX.