Bitcoin (BTC) Falls Below $91,000 as US President Donald Trump's Tariffs Spook Crypto Markets

This marks the second instance where the president's tariffs have influenced crypto markets, highlighting Bitcoin's growing reaction to macroeconomic events.

Bitcoin (BTC) price dropped below $91,000 on Saturday as reports emerged that US President Donald Trump’s tariffs against Mexico and Canada are set to conclude.

The sell-off in the crypto markets follows a second instance where the president’s tariffs have influenced crypto markets, highlighting Bitcoin’s growing reaction to macroeconomic events.

Bitcoin fell over 4.5% in the past 24 hours, reaching its lowest level since late November at under $91,000.

The drop mirrors a broader crypto market decline, with the total market capitalization shedding 8%, sliding from over $3.31 trillion to approximately $3.09 trillion.

Other cryptocurrencies also saw significant losses. Ethereum (ETH) dropped 8.5% to below $2,500, while XRP lost 9% of its value, trading at $2.25.

Several speculative assets experienced intensified selling pressure, leading to forced exits by traders.

Memecoins faced sharp drawdowns amid growing concerns about their sustainability and insider manipulations. For instance, Solana coin, a major hub for memecoin activity, has lost roughly $50 billion in market value over the past month. This is partly due to the fallout from the Libra memecoin scandal involving Argentinian President Javier Milei.

Another top Solana coin—Official Trump (TRUMP), backed by US President Donald Trump, has dropped by over 75% from its peak.

As a result, the price of solana has plunged significantly, fueling broader skepticism toward speculative assets in the Solana ecosystem. Furthermore, $1.72 billion worth of solana is set to be unlocked on March 1, increasing selling pressure as new supply enters the market.

“We’re on time with the tariffs, and it seems like that’s moving along very rapidly…We’ve been mistreated very badly by many countries, not just Canada and Mexico. We’ve been taken advantage of,” Reuters reported, citing Trump at the White House.

In the immediate aftermath of this report, Bitcoin’s price slipped below the $91,000 threshold and reached $90,707. Data from Coinglass shows that the crash resulted in nearly $1 billion in total liquidations across the crypto industry.

Earlier in February, over $2 billion was wiped out from the crypto market, causing a historic liquidation event.

The incident followed President Trump imposing a 25% tariff on imports from Canada and Mexico. James CryptoGuru, a popular crypto analyst on X, highlighted that Trump has wiped out up to $734 billion of the crypto market since his second term commenced on January 20.