News 
March 4, 2025 
3 min. 
The cryptocurrency and Bitcoin market has suffered a massive blow as new tariffs imposed by President Donald Trump on Mexico and Canada took effect on March 4. This sudden move has sparked a wave of panic selling, wiping out over $460 billion from the market in just 24 hours.
Bitcoin (BTC) and major altcoins like Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) have all experienced sharp declines, with BTC down over 10% and altcoins plunging between 15% and 25%. Liquidations have skyrocketed, surpassing $1.09 billion, as investors react to economic uncertainty.
- Find ot the Best Crypto Exchanges?
Bitcoin Tumbles as Market Liquidations Soar
Following Trump’s recent announcement of a strategic U.S. crypto reserve, Bitcoin briefly rallied to $93,000 before facing heavy resistance. The introduction of tariffs has since reversed those gains, with BTC now trading around $83,500, a 10.23% drop in the last 24 hours. Trading volumes have surged by 15% to $77 billion as traders scramble to adjust their positions.
According to Coinglass data, Bitcoin alone has contributed over $400 million to the total $1.09 billion in liquidations. Market analysts warn that BTC could dip further to the $70,000–$75,000 range before regaining momentum.
Former BitMEX CEO Arthur Hayes remains optimistic about Bitcoin’s long-term uptrend but suggests that a worst-case scenario could see BTC revisiting its previous cycle’s all-time high of $70,000. Crypto analyst KALEO echoed this sentiment, stating that another drop to the mid-$70,000 range wouldn’t be surprising given recent volatility.
Altcoins Suffer Worst Monthly Drop in Years
Altcoins have taken an even bigger hit. Ethereum has dropped to $2,000, which is one of its lowest performing first quarters in history. Solana, XRP, and Cardano have also faced heavy selling pressure, losing more than 25% the last month alone.
Investors are advised to remain calm and refrain from panic selling. Historical trends, while not the most reliable, indicate that extreme downswings in the crypto market can present great buying opportunities. Given the increase in global economic ambiguities, cryptocurrency traders still have some concerns with regards what the future holds.
