During the 2025 Spring Festival, Bitcoin briefly fell below $93,000.
Since this year's Spring Festival holiday, Bitcoin has fallen sharply for several short periods of time. The following are the market reasons why Bitcoin may have fallen, for reference only.
1.
#DeepSeek triggers a crisis in Silicon Valley and the financial community
On January 27, the download volume of the domestic AI large model DeepSeek surpassed ChatGPT to top the US APP Store list, attracting the attention and coverage of the global technology, investment industry and media. Since DeepSeek's performance is comparable to OpenAI and other expensive cutting-edge large models, its training cost is less than $6 million, which has shaken the foundation of the AI industry that has always believed in "great effort to create miracles", so it is regarded by the financial community as a black swan event that triggers the financial crisis.
Affected by DeepSeek, Nvidia fell by 5.3% on the same day, the Nasdaq fell by more than 400 points, and the market value of US stocks evaporated by nearly $1 trillion. Bitcoin and cryptocurrencies, as risky assets, were also hit, with Bitcoin falling 4.4% on the day. ETH fell 3.8%. After a week of repair, the market performance is still weak, and it fell sharply again on Monday. The next trend of the crypto market may require further observation of the performance of the US stock market after the opening.
2.
#Trump administration tariffs landed
The tariff stick promised by Trump during his campaign for the US presidency has also gradually landed in recent days. On February 2, the US government announced that it would impose a 25% tariff on imports from Canada and Mexico. US President Trump signed a tariff order on the same day, imposing an additional 25% tariff on imports from Canada and Mexico and a 10% tariff on energy resources from Canada. The tariffs are tentatively scheduled to take effect on the 4th. The White House said that if the US tariffs are retaliated, the US may increase the tariffs.
On the 3rd, Trump said that he would "definitely" impose new tariffs on the EU. He once again complained about the US trade deficit with the EU and believed that the EU's imports of US cars and agricultural products were insufficient. Trump did not specify the level or timeline of the tariffs.
According to Bloomberg, "Trump's tariff policy is affecting the entire market, and concerns about a trade war and stagflation-induced recession are spreading to the altcoin and Bitcoin markets." Affected by the tariff news, BTC once fell to around $91,000, the lowest level in more than two weeks. But on the other hand, Trump's trade tariff policy will push up Bitcoin prices in the long run, as it will lead to a weakening of the US dollar in global currency markets and lower US Treasury yields.
3.
#ElSalvador cancels Bitcoin's legal tender status
On January 30, Cointelegraph disclosed that the El Salvadorian Congress has quickly passed legislation to amend its Bitcoin laws.
On February 2, the El Salvadorian Congress quietly passed an amendment to the Bitcoin Law, canceling Bitcoin's status as an official currency and making its use entirely dependent on personal choice.
El Salvador was the first country in the world to use Bitcoin as legal tender, and now it has become the first country to abandon this policy. Bitcoin is no longer a "currency" in El Salvador, its use is completely voluntary, and it no longer has legal payment capacity.