- Bitcoin Plunges 3.9%: Drops to $92,400, its lowest in three weeks, following Trump’s confirmation of tariffs on Canada and Mexico.
- Altcoins Take a Hit: Solana (-14%), XRP (-10%), and Ethereum (-10%) saw major declines, while BNB held up slightly better (-5.5%).
- Massive $110B Selloff: One of the biggest single-day liquidations in crypto history, with traders bracing for further volatility as the impact of tariffs unfolds.
Bitcoin took a 3.9% dive today, hitting a three-week low of $92,400, after President Trump confirmed tariffs on Canadian and Mexican imports. The announcement sent shockwaves through the broader crypto market, erasing over $110 billion in value in a massive selloff.
Trump’s Tariff Plan Adds to Market Chaos
The executive orders signed on February 1 impose a 25% tariff on all imports from Canada and Mexico, while Canadian energy resources get a 10% tariff. Citing a “national emergency” tied to illegal immigration and drug trafficking, including fentanyl, the administration set March 4, 2025, as the start date for the new trade measures.
As soon as Trump confirmed the tariffs were moving forward, Bitcoin’s losses accelerated, with the market selling off aggressively.
Altcoins Hit Hard—Mass Liquidations Across the Market
The selloff wasn’t just limited to Bitcoin. Solana ($SOL) collapsed 14%, XRP dropped 10%, and Ethereum ($ETH) slid nearly 10%, deepening the market-wide slump. Meanwhile, BNB held up slightly better, slipping 5.5%.
With $110 billion in liquidations, this marks one of the biggest single-day dollar losses in crypto market history. The impact of Trump’s tariffs on global markets is yet to be fully realized, but for now, crypto traders are bracing for more volatility ahead.
