Trump tariffs trigger Bitcoin nosedive below $91k as altcoins crater

The price of Bitcoin (BTC) plummeted below $92,000 on Monday following President Donald Trump’s announcement of tariffs on imports from Canada and Mexico. The flagship cryptocurrency dropped nearly 5% in the past 24 hours, hitting a low of $90,850, its lowest level since February 2. As of press time, Bitcoin was trading at $91,931, down 4.46% over the day.

The broader crypto market, already shaken by the recent Bybit hack, experienced a sharp decline as selling pressure intensified after Trump confirmed the implementation of tariffs on March 4. Trump’s statement on February 24 reiterated the scheduled tariffs, including a 25% levy on all Canadian and Mexican imports and a 10% tax on Canadian energy resources, citing concerns over illegal immigration and fentanyl trafficking.

Market crash

The wider crypto market saw major digital assets drop more than 10% in the past 24 hours. Ethereum (ETH) fell 10.61% to $2,523.37, XRP declined 10.85% to $2.30, and Solana (SOL) suffered the most significant drop, falling 14.85% to $143.13. Cardano (ADA) lost 10.96% and was trading at $0.6859, while BNB fell 6.55% to $615.13.

Over $800 million in leveraged positions were liquidated in the past 24 hours, with long positions accounting for about $600 million and short positions around $200 million.

Uncertainty Looms

The sudden downturn underscores the crypto market’s susceptibility to geopolitical and macroeconomic events. Analysts predict ongoing volatility as investors reevaluate risks amidst changing trade policies and global economic uncertainty. The evolving tariff situation and potential retaliatory measures from Canada and Mexico could further impact digital asset markets in the coming weeks.

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