Bitcoin Price Drops Below $92,000 Amid Tariff Announcement
Bitcoin (BTC) saw a significant drop below $92,000 on Monday following President Donald Trump’s confirmation of imposing tariffs on imports from Canada and Mexico. This move triggered a widespread sell-off across markets, with the flagship crypto falling almost 5% over the past 24 hours to a local low of $90,850 — marking its lowest level since Feb. 2. Bitcoin was down 4.46% over the past day and trading at $91,931 as of press time.
Market Impact
- Ethereum (ETH) fell 10.61% to $2,523.37
- XRP declined 10.85% to $2.30
- Solana (SOL) suffered the steepest drop, falling 14.85% to $143.13
- Cardano (ADA) lost 10.96% and traded at $0.6859
- BNB fell 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 Ahead
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 shifting trade policies and global economic uncertainty. The evolving tariff situation, along with potential retaliatory measures from Canada and Mexico, could further impact digital asset markets in the coming weeks.
Traders remain on edge as they brace for additional market fluctuations ahead of the March 4 implementation deadline. While the crypto market has previously weathered macroeconomic shocks, the combination of regulatory headwinds, security breaches, and liquidation cascades has increased volatility.
