Bitcoin drops to three-week low as Trump reignites tariffs on Canada and Mexico

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Bitcoin fell 3.9% today to a three-week low after President Trump announced new tariffs on imports from Canada and Mexico, deepening a broader crypto market selloff that erased more than $110 billion in value.

The largest digital asset traded around $92,400, its lowest level since February 2, with the decline accelerating after Trump confirmed tariffs on Mexican and Canadian imports “are going forward.”

Trump signed executive orders on February 1 imposing a 25% tariff on all products imported from Canada and Mexico, with a lower 10% rate on Canadian energy resources.

The administration cited a “national emergency” related to illegal immigration and drug trafficking, including fentanyl, as justification for the measures. The tariffs are scheduled to start to apply on March 4, 2025.

The market-wide downturn affected major crypto assets, with Solana dropping 14%, XRP falling around 10%, and Ethereum declining nearly 10%. BNB saw a more ‘modest’ decrease of 5.5%.

The $110 billion in market-wide liquidations represents one of the largest dollar-volume declines in crypto market history.

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