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

Bitcoin (BTC) dropped under $92,000 on Monday as President Donald Trump reaffirmed his administration’s plan to impose tariffs on imports from Canada and Mexico, triggering a widespread sell-off throughout markets.

Primarily based on CryptoSlate knowledge, the flagship crypto fell nearly 5% over the previous 24 hours to a neighborhood low of $90,850 — marking its lowest degree since Feb. 2. Bitcoin was down 4.46% over the previous day and buying and selling at $91,931 as of press time.

The broader crypto market, which was already reeling from the current Bybit hack, went into freefall as promoting strain intensified after Trump confirmed that the tariffs would take impact as scheduled on March 4.

Trump reiterated his place in a press release on Feb. 24, saying:

“The tariffs are going ahead on time, on schedule.”

The measures embrace a 25% tariff on all Canadian and Mexican imports, together with a ten% levy on Canadian power sources. The administration cited considerations over unlawful immigration and fentanyl trafficking as justification for the commerce restrictions.

Market crash

The broader crypto market skilled a considerably sharper downturn following the announcement, with main digital property falling greater than 10% throughout the board over the previous 24 hours.

Ethereum (ETH) fell 10.61% to $2,523.37, whereas XRP declined 10.85% to $2.30, and Solana (SOL) suffered the steepest drop amongst high property, falling 14.85% to $143.13 as of press time.

Cardano (ADA) additionally noticed a major decline, dropping 10.96% and buying and selling at $0.6859, whereas BNB posted comparatively decrease losses, falling 6.55% to $615.13.

The sell-off resulted in almost $800 million in leveraged positions liquidated over the previous 24 hours as merchants confronted margin calls amid plummeting asset costs. Lengthy positions accounted for about $600 million, whereas brief positions comprised roughly $200 million.

Uncertainty Looms

The sudden downturn highlights the crypto market’s vulnerability to geopolitical and macroeconomic developments. Analysts consider that continued volatility is probably going as buyers reassess threat in response to shifting commerce insurance policies and world financial uncertainty.

The evolving tariff state of affairs, together with potential retaliatory measures from Canada and Mexico, might additional impression digital asset markets within the coming weeks. Merchants stay on edge as they brace for added market fluctuations forward of the March 4 implementation deadline.

Whereas the crypto market has beforehand weathered macroeconomic shocks, the mixture of regulatory headwinds, safety breaches, and liquidation cascades has elevated volatility.

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