Bitcoin’s price tumbled Monday evening around 6 p.m. ET after news spread that U.S. President Donald Trump announced plans to impose a 25% tariff on Canadian and Mexican imports, set to take effect March 4, 2025. The development aligned with afternoon drops in major U.S. stock indices, as investors weighed concerns about earnings from the chipmaker Nvidia, a key market player.
Trump’s Tariff Gambit Rattles Markets: Bitcoin Tumbles to a $91,362 Intraday Low
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
Market Shake up
Monday evening buzzed with whispers across international channels as reports solidified Donald Trump’s intent to enforce tariffs targeting Mexico and Canada. “It will be very good for our country. Our country will be extremely liquid and rich again,” Trump declared to journalists, framing his stance with unflinching confidence.
“The tariffs are going forward on time, on schedule. This is an abuse that took place for many, many years. And I’m not even blaming the other countries that did this. I blame our leadership for allowing it to happen,” he concluded, casting blame inward rather than abroad.
Bitcoin stumbled to $91,362 by 6:58 p.m. ET, buckling under the weight of skittish trading behavior. The leading cryptocurrency has retreated 4.8% in 24 hours and 12.7% across the prior month, despite Michael Saylor’s X proclamation lauding a “ bitcoin was on sale” after his firm Strategy acquired 20,356 BTC for $1.99 billion.
Derivatives markets mirrored the anxiety, with coinglass.com data revealing $140 million in long positions vaporized within four hours. The broader digital asset sphere faltered in tandem, shedding over 6% in value to dip beneath $3 trillion ($2.99 trillion). Ethereum and XRP each tumbled more than 10%, while SOL neared a 15% single-day decline.
Trading velocity skyrocketed to $126.66 billion—an 85% leap from the prior session—as bitcoin’s market share climbed to 61% of the total, a paradoxical rise amid its own slump. Trump’s tariff declarations may catalyze broader market recalibrations, as bitcoin’s paradoxical dominance hints at investor flight to perceived stability before U.S. stocks open tomorrow.
