Trump tariffs trigger Bitcoin nosedive to $91K as altcoins crater

Bitcoin (BTC) dropped beneath $92,000 connected Monday arsenic President Donald Trump reaffirmed his administration’s program to enforce tariffs connected imports from Canada and Mexico, triggering a wide sell-off crossed markets.

Based connected CryptoSlate data, the flagship crypto was down 4.46% implicit the past time and trading astatine $91,931 arsenic of property clip — marking its lowest level since Feb. 2.

The wider crypto market, which was already reeling from the caller Bybit hack, went into freefall arsenic selling unit intensified aft Trump confirmed that the tariffs would instrumentality effect arsenic scheduled connected March 4.

Trump reiterated his presumption successful a connection connected Feb. 24, saying:

“The tariffs are going guardant connected time, connected schedule.”

The measures see a 25% tariff connected each Canadian and Mexican imports, on with a 10% levy connected Canadian vigor resources. The medication cited concerns implicit amerciable migration and fentanyl trafficking arsenic justification for the commercialized restrictions.

Market crash

The wider crypto marketplace experienced a importantly sharper downturn pursuing the announcement, with large integer assets falling much than 10% crossed the committee implicit the past 24 hours.

Ethereum (ETH) fell 10.61% to $2,523.37, portion XRP declined 10.85% to $2.30, and Solana suffered the steepest driblet among apical assets, falling 14.85% to $143.13 arsenic of property time.

Cardano besides saw a important decline, losing 10.96% and trading astatine $0.6859, portion BNB posted comparatively little losses, falling 6.55% to $615.13.

The sell-off resulted successful astir $800 cardinal successful leveraged positions liquidated implicit the past 24 hours arsenic traders faced borderline calls amid plummeting plus prices. Long positions accounted for astir $600 million, portion abbreviated positions comprised astir $200 million.

Uncertainty Looms

The abrupt downturn highlights the crypto market’s vulnerability to geopolitical and macroeconomic developments. Analysts judge that continued volatility is apt arsenic investors reassess hazard successful effect to shifting commercialized policies and planetary economical uncertainty.

The evolving tariff situation, on with imaginable retaliatory measures from Canada and Mexico, could further interaction integer plus markets successful the coming weeks. Traders stay connected borderline arsenic they brace for further marketplace fluctuations up of the March 4 implementation deadline.

While the crypto marketplace has antecedently weathered macroeconomic shocks, the operation of regulatory headwinds, information breaches, and liquidation cascades has accrued volatility.

The station Trump tariffs trigger Bitcoin nosedive to $91K arsenic altcoins crater appeared archetypal connected CryptoSlate.