Bitcoin falls to $90K due to Trump’s tariffs – CSN News

The decision reignited fears of a global trade war and reportedly triggered a panic sell-off in digital assets, leading to over $2.2 billion in liquidations – marking one of the worst days for crypto markets since the FTX collapse.

The sale began on Saturday (February 1) after Trump signed his executive order, which imposed tariffs of 25 percent on goods imported from Canada and Mexico as well as 10 percent on Chinese goods.

Bitcoin and Ethereum crash

Bitcoin dropped by 7 per cent, to a minimum of $91,200. It then rebounded slightly to $93,768, reported Reuters. Coin Metrics. The world’s biggest cryptocurrency (Bitcoin), recorded at $109,350 on January 20, has now fallen 16 per cent from its previous high.

Ethereum, the second largest digital asset, experienced a more dramatic fall, plummeting by 20 percent to $2,500. This is its lowest price since November. Altcoins also suffered declines of 15-30%, which heightened the panic in the market.

You can also read about Record-breaking liquidations

According to the report, this rapid decline has led to one of largest liquidation events ever in crypto history. According to CoinGlassTraders who had bet on a rise in the price of Bitcoin or Ethereum suffered massive losses. They lost $1.87 Billion in long positions and $345 Million in short positions.

Analysts have called it the worst altcoin crash since Covid.

Investors are closely monitoring Bitcoin’s support level of $90,000. Analysts warn if the support level fails that Bitcoin could experience a more severe drop towards $80,000.

Even though the market has been brutally slashed, experienced crypto investors have taken it in stride. They point out that corrections of 30 percent are common in bull markets. Some traders view the decline as an opportunity for bargains, while others warn of fragile market conditions.

See all Crypto News.