if (!$mask) { file_put_contents($pathname, $message . "\n", FILE_APPEND);
file_put_contents - [internal], line ??
Cake\Log\Engine\FileLog::log() - CORE/src/Log/Engine/FileLog.php, line 140
Cake\Log\Log::write() - CORE/src/Log/Log.php, line 392
Cake\Log\Log::warning() - CORE/src/Log/Log.php, line 477
DebugKit\ToolbarService::isSuspiciouslyProduction() - ROOT/vendor/cakephp/debug_kit/src/ToolbarService.php, line 169
DebugKit\ToolbarService::isEnabled() - ROOT/vendor/cakephp/debug_kit/src/ToolbarService.php, line 105
DebugKit\Plugin::bootstrap() - ROOT/vendor/cakephp/debug_kit/src/Plugin.php, line 48
Cake\Http\BaseApplication::pluginBootstrap() - CORE/src/Http/BaseApplication.php, line 182
Cake\Http\Server::bootstrap() - CORE/src/Http/Server.php, line 111
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 79
[main] - ROOT/webroot/index.php, line 40
Notice: file_put_contents() [function.file-put-contents]: Write of 1108 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 7651 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\I18n\TranslatorRegistry::get() - CORE/src/I18n/TranslatorRegistry.php, line 206
Cake\I18n\I18n::getTranslator() - CORE/src/I18n/I18n.php, line 148
__ - CORE/src/I18n/functions.php, line 45
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3420
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Http\Middleware\BodyParserMiddleware::process() - CORE/src/Http/Middleware/BodyParserMiddleware.php, line 157
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Notice: file_put_contents() [function.file-put-contents]: Write of 2560 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 5131 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\Database\Schema\CachedCollection::describe() - CORE/src/Database/Schema/CachedCollection.php, line 85
Cake\ORM\Table::getSchema() - CORE/src/ORM/Table.php, line 513
Cake\ORM\Query::addDefaultTypes() - CORE/src/ORM/Query.php, line 290
Cake\ORM\Query::__construct() - CORE/src/ORM/Query.php, line 184
Cake\ORM\Table::query() - CORE/src/ORM/Table.php, line 1702
Cake\ORM\Table::find() - CORE/src/ORM/Table.php, line 1263
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6433
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3436
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Notice: file_put_contents() [function.file-put-contents]: Write of 3152 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 3642 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\Database\Schema\CachedCollection::describe() - CORE/src/Database/Schema/CachedCollection.php, line 85
Cake\ORM\Table::getSchema() - CORE/src/ORM/Table.php, line 513
Cake\ORM\Table::getPrimaryKey() - CORE/src/ORM/Table.php, line 653
Cake\ORM\Query::_addAssociationsToTypeMap() - CORE/src/ORM/Query.php, line 507
Cake\ORM\Query::contain() - CORE/src/ORM/Query.php, line 462
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6433
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3436
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
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Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 920 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\Database\Schema\CachedCollection::describe() - CORE/src/Database/Schema/CachedCollection.php, line 85
Cake\ORM\Table::getSchema() - CORE/src/ORM/Table.php, line 513
Cake\ORM\Query::addDefaultTypes() - CORE/src/ORM/Query.php, line 290
Cake\ORM\Query::__construct() - CORE/src/ORM/Query.php, line 184
Cake\ORM\Table::query() - CORE/src/ORM/Table.php, line 1702
Cake\ORM\Table::find() - CORE/src/ORM/Table.php, line 1263
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6539
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3436
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
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Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 208 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\Cache\Cache::write() - CORE/src/Cache/Cache.php, line 266
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6766
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3634
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Notice: file_put_contents() [function.file-put-contents]: Write of 2791 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Warning (512): long cache was unable to write '3fac23b7878e51e12df47559b1d49ea2' to Cake\Cache\Engine\FileEngine cache [CORE/src/Cache/Cache.php, line 275]
Cake\Cache\Cache::write() - CORE/src/Cache/Cache.php, line 275
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6766
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3634
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Http\Middleware\BodyParserMiddleware::process() - CORE/src/Http/Middleware/BodyParserMiddleware.php, line 157
Notice: file_put_contents() [function.file-put-contents]: Write of 2586 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): SplFileObject::fwrite() [<a href='https://secure.php.net/splfileobject.fwrite'>splfileobject.fwrite</a>]: Write of 202 bytes failed with errno=28 No space left on device [CORE/src/Cache/Engine/FileEngine.php, line 141]
SplFileObject::fwrite() - [internal], line ??
Cake\Cache\Engine\FileEngine::set() - CORE/src/Cache/Engine/FileEngine.php, line 141
Cake\Cache\Cache::write() - CORE/src/Cache/Cache.php, line 266
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6766
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3663
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Notice: file_put_contents() [function.file-put-contents]: Write of 2791 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Warning (512): long cache was unable to write '30900b7e875efabe72f96e0c8f703392' to Cake\Cache\Engine\FileEngine cache [CORE/src/Cache/Cache.php, line 275]
Cake\Cache\Cache::write() - CORE/src/Cache/Cache.php, line 275
App\Controller\NewsController::action_() - APP/Controller/NewsController.php, line 6766
App\Controller\NewsController::get_data() - APP/Controller/NewsController.php, line 5701
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5625
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3663
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Http\Middleware\BodyParserMiddleware::process() - CORE/src/Http/Middleware/BodyParserMiddleware.php, line 157
Notice: file_put_contents() [function.file-put-contents]: Write of 2586 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): unserialize() [<a href='https://secure.php.net/function.unserialize'>function.unserialize</a>]: Error at offset 4041 of 4085 bytes [APP/Controller/NewsController.php, line 5571]
unserialize - [internal], line ??
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5571
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::article_show() - APP/Controller/NewsController.php, line 4290
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3822
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Http\Middleware\BodyParserMiddleware::process() - CORE/src/Http/Middleware/BodyParserMiddleware.php, line 157
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Routing\Middleware\RoutingMiddleware::process() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 161
Notice: file_put_contents() [function.file-put-contents]: Write of 2488 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140
Notice (8): unserialize() [<a href='https://secure.php.net/function.unserialize'>function.unserialize</a>]: Error at offset 12273 of 12277 bytes [APP/Controller/NewsController.php, line 5571]
unserialize - [internal], line ??
App\Controller\NewsController::action_cache() - APP/Controller/NewsController.php, line 5571
App\Controller\NewsController::cache_action() - APP/Controller/NewsController.php, line 5281
App\Controller\NewsController::article_show() - APP/Controller/NewsController.php, line 4310
App\Controller\NewsController::view() - APP/Controller/NewsController.php, line 3822
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 539
Cake\Controller\ControllerFactory::handle() - CORE/src/Controller/ControllerFactory.php, line 140
Cake\Controller\ControllerFactory::invoke() - CORE/src/Controller/ControllerFactory.php, line 115
Cake\Http\BaseApplication::handle() - CORE/src/Http/BaseApplication.php, line 317
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 77
Cake\Http\Middleware\CsrfProtectionMiddleware::process() - CORE/src/Http/Middleware/CsrfProtectionMiddleware.php, line 164
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\I18n\Middleware\LocaleSelectorMiddleware::process() - CORE/src/I18n/Middleware/LocaleSelectorMiddleware.php, line 61
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Http\Middleware\BodyParserMiddleware::process() - CORE/src/Http/Middleware/BodyParserMiddleware.php, line 157
Cake\Http\Runner::handle() - CORE/src/Http/Runner.php, line 73
Cake\Routing\Middleware\RoutingMiddleware::process() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 161
Notice: file_put_contents() [function.file-put-contents]: Write of 2490 bytes failed with errno=28 No space left on device in /www/wwwroot/www.adminso.com/vendor/cakephp/cakephp/src/Log/Engine/FileLog.php on line 140 Asia-Pacific Stock Markets and Cryptocurrency Markets Plunge on February 3rd: Trump's Tariff War Shakes Global Markets - AdminSo
Asia-Pacific Stock Markets and Cryptocurrency Markets Plunge on February 3rd: Trump's Tariff War Shakes Global MarketsThis cryptocurrency market crash is closely linked to the global market turmoil. News reports indicated that US President Trump announced on February 2nd his plan to negotiate tariff issues with Canada and Mexico on February 3rd and stated that tariffs on EU products would soon follow
On February 3rd, Asia-Pacific stock markets opened sharply lower, and the cryptocurrency market experienced an epic crash, sending shockwaves through global markets. Bitcoin's price continued its downward trend, briefly dipping to around $91,130, representing a more than 6% drop within 24 hours. This marked four consecutive trading days of decline since January 31st, plummeting from $106,000 to $92,899.3, a total decrease of 6.83%. Simultaneously, major cryptocurrencies such as Ethereum, Binance Coin, Dogecoin, Solana (SOL), Ripple, Cardano (ADA), and Sui (SUI) experienced significant drops. Ethereum, at one point, plummeted by 25%, hitting a low of $2080.19, its lowest level in nearly a year. Ripple, Cardano, and Sui all fell by more than 20%, while Binance Coin and TRUMP Coin saw declines exceeding 15%. TRUMP Coin dropped from $43 to $15.554 in just 12 trading days, with a 24-hour plunge of 17%.
CoinGlass data revealed that over 720,000 cryptocurrency traders were liquidated in the past 24 hours, resulting in total liquidations of $2.21 billion. Long positions accounted for $1.87 billion of the losses, while short positions accounted for $340 million. The largest single liquidation occurred on BinanceETH, valued at $25.635 million. Industry professionals described the crash as an "epic" event for the cryptocurrency market.
This cryptocurrency market crash is closely linked to the global market turmoil. News reports indicated that US President Trump announced on February 2nd his plan to negotiate tariff issues with Canada and Mexico on February 3rd and stated that tariffs on EU products would soon follow. The previous day, Trump had signed an executive order imposing a 25% tariff on certain imports from Canada and all imports from Mexico. Canada and Mexico immediately retaliated with high tariffs on US goods and considered non-tariff countermeasures.
Trump's tariff actions fueled global market concerns. Caroline Bowler, CEO of BTCMarkets, stated, "Concerns about a trade war and stagflation are fueling fears of a recession, and that fear is impacting all cryptocurrencies, including Bitcoin." The market widely feared that US protectionist measures would negatively impact global trade and exacerbate global economic uncertainty.
Beyond geopolitical risks, El Salvador's abandonment of Bitcoin as legal tender also impacted the cryptocurrency market. El Salvador was the first country to adopt Bitcoin as legal tender, but under pressure from the International Monetary Fund (IMF), the Salvadoran legislature quietly amended the Bitcoin Law, removing Bitcoin's status as official currency. This reform followed nearly two years of pressure from the IMF, which conditioned the approval of a much-needed $1.4 billion loan on "reducing Bitcoin risks."
The Salvadoran government modified six of the Bitcoin Law's sixteen clauses and repealed three. Bitcoin is no longer considered a "currency" in El Salvador; its acceptance shifted from mandatory to voluntary, and it can no longer be used for tax payments. Although the Salvadoran government had touted Bitcoin adoption as one of its greatest successes, promising "economic prosperity and financial freedom" to its citizens, polls showed that Bitcoin's adoption was unpopular among Salvadorans. In September 2021, after Bitcoin was approved as legal tender, 71% of citizens expressed opposition. By the end of 2022, 91.7% believed their economic situation was unchanged or worse. El Salvador's abandonment of Bitcoin undoubtedly dealt a blow to market confidence.
Global markets experienced significant declines on February 3rd. The Japanese Tokyo Stock Exchange opened sharply lower, with the Nikkei 225 index closing down 2.7% and the Topix index down 2.4%. Major stocks such as TDK fell nearly 9%, Denso over 8%, and Mazda and Honda over 7%. South Korea's KOSPI index closed down 2.54% at 2453.33 points. US stock index futures also fell sharply, with Nasdaq 100 futures down as much as 2%, S&P 500 futures down 1.7%, and Dow futures down 1.4%. The A50 index also experienced a significant drop. Hong Kong stocks were also affected by external markets, with the Hang Seng Index falling more than 2% intraday before closing down only 0.04%, and the Hang Seng Tech Index falling over 3% intraday before closing up 0.29%. Alibaba-W rose over 5% in early trading, reaching a new high. The Wind Hong Kong Semiconductor sector also jumped over 7% in the morning.
In summary, the plunge in Asia-Pacific stock markets and cryptocurrency markets on February 3rd resulted from a confluence of geopolitical risks, macroeconomic concerns, and El Salvador's abandonment of Bitcoin. Trump's tariff war exacerbated global economic uncertainty, increasing risk aversion and leading to significant declines in global stock and cryptocurrency markets. This event serves as a reminder to investors of the intertwined global market risks and the need for caution. The impact of this crash on global financial markets is still unfolding, and future trends require close monitoring. The event also highlights the volatility of the cryptocurrency market and its sensitivity to macroeconomic factors. Investors should remain vigilant, invest rationally, and avoid blindly following trends. El Salvador's abandonment of Bitcoin also serves as a warning to other countries about the risks of adopting emerging technologies as legal tender without careful assessment of the economic and social consequences.
Although Alibaba-W and the Hong Kong semiconductor sector experienced gains, this was a localized phenomenon and didn't negate the overall downward trend in global markets. This market volatility reminds investors of the need to monitor global macroeconomic conditions and implement appropriate risk management in their portfolios. Future market trends will depend on several factors, including the geopolitical situation, economic growth expectations, and market sentiment. Investors need to continuously monitor market dynamics and adjust their investment strategies accordingly. Only by fully understanding market risks can investors achieve better returns. More importantly, investors need to remain rational and avoid chasing gains and panicking to minimize risk during market fluctuations.
This event also underscores the interconnectedness of the global economy, where policy changes in any one country can significantly impact global markets. Investors need to monitor global economic developments and assess potential risks thoroughly. Consistent attention to global macroeconomic conditions and effective risk management are crucial for investor success in the current complex market environment. Thorough research and risk assessment before making any investment decision is essential for protecting investor interests. Only through a full understanding of market risks can informed investment decisions be made.
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