Bitcoin Declines as Trump Announces New Tariffs on Canada and Mexico
Bitcoin has dropped 3.9% to a three-week low following President Trump’s announcement of new tariffs on imports from Canada and Mexico. This event sparked a larger selloff in the crypto market, leading to over $110 billion in losses. The tariffs, including a 25% levy set to begin on March 4, 2025, were imposed under claims of national emergency related to immigration and drug trafficking.
Bitcoin has experienced a decline of 3.9%, reaching a three-week low following President Donald Trump’s announcement of new tariffs on imports from Canada and Mexico. This announcement catalyzed a substantial selloff in the cryptocurrency market, which resulted in a staggering loss of over $110 billion in market value today. Bitcoin was trading at approximately $92,400, its lowest level since February 2, 2025, when the decrease intensified after President Trump confirmed that these tariffs “are going forward.”
On February 1, President Trump enacted executive orders implementing a 25% tariff on all imports from Canada and Mexico, with a reduced 10% tariff specifically for Canadian energy products. The administration justified these measures on the grounds of a “national emergency” linked to issues such as illegal immigration and drug trafficking, including the opioid fentanyl crisis. These tariffs are set to commence on March 4, 2025.
The ramifications of these tariffs were substantial, affecting a multitude of significant cryptocurrencies. Notably, Solana plummeted by 14%, XRP decreased by approximately 10%, and Ethereum followed suit with a nearly 10% decline. BNB reported a conservative reduction of 5.5%, reflecting the extensive impact of the tariffs across the market. The $110 billion loss marks one of the most considerable declines recorded in cryptocurrency history.
The announcement of tariffs by President Trump has had a profound effect on the cryptocurrency market, triggering a significant decline in Bitcoin and other major crypto assets. The introduction of these tariffs, justified by claims of a national emergency, begins on March 4, 2025, and has prompted a selloff resulting in a remarkable erasure of market value. The ongoing developments merit close attention as they influence investor sentiment and market stability.
Original Source: cryptobriefing.com
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