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Bitcoin (BTC) dropped below $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 across markets. Based on CryptoSlate data, the flagship crypto was down 4.46% over the past day and trading at $91,931 as of press time — marking its lowest level since Feb. 2. The wider crypto market, which was already reeling from the recent Bybit hack, went into freefall as selling pressure intensified after Trump confirmed that the tariffs would take effect as scheduled on March 4. Trump reiterated his position in a statement on Feb. 24, saying: “The tariffs are going forward on time, on schedule.” The measures include a 25% tariff on all Canadian and Mexican imports, along with a 10% levy on Canadian energy resources. The administration cited concerns over illegal immigration and fentanyl trafficking as justification for the trade restrictions. Market crash The wider crypto market experienced a significantly sharper downturn following the announcement, with major digital assets falling more than 10% across the board over the past 24 hours. Ethereum (ETH) fell 10.61% to $2,523.37, while XRP declined 10.85% to $2.30, and Solana suffered the steepest drop among top assets, falling 14.85% to $143.13 as of press time. Cardano also saw a significant decline, losing 10.96% and trading at $0.6859, while BNB posted relatively lower losses, falling 6.55% to $615.13. The sell-off resulted in nearly $800 million in leveraged positions liquidated over the past 24 hours as traders faced margin calls amid plummeting asset prices. Long positions accounted for about $600 million, while short positions comprised approximately $200 million. Uncertainty Looms The sudden downturn highlights the crypto market’s vulnerability to geopolitical and macroeconomic developments. Analysts believe that continued volatility is likely as investors reassess risk in response to…

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Filed under: News - @ February 25, 2025 12:25 am