Bitcoin (BTC) fell below $92,000 on Monday as President Donald Trump reaffirmed the administration's plan to impose tariffs on imports from Canada and Mexico, causing widespread sales of the entire market.
Based on encrypted data, flagship ciphers have dropped almost 5% in the last 24 hours to a local low of $90,850. It reached its lowest level since February 2nd. .
The wider crypto market, which has already been caught up in from the recent Buybit Hack, has fallen free fall as sales pressures intensified after Trump confirmed that Trump will take effect as scheduled for March 4th. I did.
Trump reiterated his position in a February 24 statement, saying:
“The duties are underway as planned.”
The measures include a 25% tariff on all imports in Canada and Mexico, and a 10% collection of Canadian energy resources. The administration cited concerns over illegal immigration and fentanyl trafficking as justification for trade restrictions.
Market crash
The broad crypto market has experienced a significantly sharp recession since its announcement, with key digital assets falling more than 10% overall over the past 24 hours.
Ethereum (ETH) fell 10.61% to $2,523.37, XRP fell 10.85% to $2.30, while Solana (SOL) became the steepest of the top assets, with 14.85% at press time It fell to $143.13.
Cardano (ADA) also dropped significantly, losing 10.96% and trading at $0.6859, while BNB recorded a relatively low loss, falling 6.55% to $615.13.
The sale has resulted in nearly $800 million in leveraged positions in leveraged positions that have been liquidated over the past 24 hours as traders face margin calls amid a plunge in asset prices. The long position accounted for about $600 million, while the short position was about $200 million.
Uncertainty is looming
The sudden recession highlights the vulnerability of the crypto market to geopolitical and macroeconomic development. Analysts believe that ongoing volatility is likely to be likely as investors reassess risks in response to changes in trade policy and global economic uncertainty.
The evolving tariff landscape, along with potential retaliation measures from Canada and Mexico, could have further impact on the digital asset market in the coming weeks. Traders remain in charge of additional market fluctuations ahead of the March 4th implementation deadline.
The crypto market has previously overcome macroeconomic shocks, but a combination of regulatory headwinds, security violations and liquidation cascades has increased volatility.
Bitcoin Market Data
When reporting 1:08 AM UTC, February 25, 2025Bitcoin ranks number one in terms of market capitalization, and the price is under 4.67% Over the past 24 hours. Bitcoin has a market capitalization $1.82 trillion 24-hour trading volume $4.763 billion. Learn more about Bitcoin›
Overview of the Crypto Market
When reporting 1:08 AM UTC, February 25, 2025Crypto market totals are evaluated by $2.98 trillion There is a 24-hour volume $1366.2 billion. Bitcoin's advantage is currently underway 61.05%. Crypto Market Details›
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