Trump tariffs cause Bitcoin to plunge below $91k, while altcoins crash
Bitcoin (BTC), a digital currency, dropped below $92,000 Monday after President Donald Trump reaffirmed the administration’s intention to impose import tariffs from Canada and Mexico. The move triggered widespread selling across all markets.
Based on CryptoSlate data, the flagship crypto fell almost 5% over the past 24 hours to a local low of $90,850 — marking its lowest level since Feb. 2. Bitcoin fell 4.46% during the day to $91,931 at press time.
After Trump announced that tariffs will be implemented as planned on March 4, the wider crypto market, already in freefall from the recent Bybit Hack, plunged into a freefall. Selling pressure increased as Trump confirmed the tariffs.
In a statement released on February 24, Trump reiterated this position.
“The tariffs are going forward on time, on schedule.”
The measures include 25% tariffs on all Canadian and Mexican products, as well as a 10% tax on Canadian energy. The trade restrictions were justified by the administration due to concerns over illegal immigration, fentanyl and drug trafficking.
Market crash
After the announcement the wider crypto market saw a sharper decline, with digital assets dropping more than 10 percent across the board in the past 24 hour.
Ethereum (ETH), XRP, and Solana all suffered steep drops. Solana, for instance, fell 14.85%, to $143.13, at the time of publication.
Cardano (ADA), which lost 10.96%, traded at $0.6859. BNB, on the other hand, suffered a relatively smaller loss, dropping 6.55% to $ 615.13.
In the past 24 hour, traders who faced margin calls and plummeting asset values were forced to liquidate nearly $800 Million in leveraged position. About $600 million was accounted for by long positions, and approximately $200 million by short positions.
Uncertainty is looming
The sudden drop in the market highlights its vulnerability to geopolitical events and macroeconomic changes. Analysts expect continued volatility as investors assess risk in response changing trade policies, global economic uncertainty and shifting trade policy.
In the weeks to come, the evolving tariff situation and possible retaliatory actions from Canada and Mexico could have a further impact on digital asset markets. The traders are on high alert as they prepare for further market fluctuations before the March 4 deadline.
Although the crypto market was able to weather macroeconomic shocks before, the combination between regulatory headwinds and security breaches has led to increased volatility.
Bitcoin Market Data
Press release The 25th of February 2025 begins at 1:08 UTC.Bitcoin is the #1 market cap cryptocurrency and its price is Downward 4.67% Over the past 24 hour. Bitcoin’s market capitalization is 1.82 trillion dollars The 24-hour trading volume is $47.63 billion. Learn more about Bitcoin ›
Bitcoin
The 25th of February 2025 begins at 1:08 UTC.
$91,731.46
-4.67% Crypto Market Overview
Press release The 25th of February 2025 begins at 1:08 UTC.The total market value of crypto is at 2.98 trillion dollars A 24-hour volume is $136.62 trillion. Bitcoin dominates the world at this time. 61.05%. Learn more about the crypto market ›
