Bitcoin has fallen below the crucial $90,000 threshold, triggering over $1.3 billion in liquidations and a 7% decrease in total market value.
Trump’s Statements Trigger Market Decline
The sudden drop in the cryptocurrency market followed a statement from U.S. President Donald Trump regarding the continuation of tariffs on goods from Canada and Mexico. Trump claimed that the U.S. was being treated poorly by its trade partners and announced that tariffs would be enforced as planned. Following this announcement, Bitcoin quickly plummeted to around $92,000, causing widespread panic in the market.
Some Investors See Opportunity in the Downturn
Despite the panic, some major investors saw opportunity in the downturn. MicroStrategy CEO Michael Saylor advocated for accumulating Bitcoin at these levels, while famous author Robert Kiyosaki encouraged investors to capitalize on market pullbacks.
Economic Impact on the Cryptocurrency Market
According to data from Coinglass, approximately 365,000 investors were affected by this crash, resulting in $1.3 billion in liquidations. Those who opened long positions suffered the biggest losses. The drop was not limited to Bitcoin; many altcoin assets also saw double-digit declines.
Analysts predict that concerns over tariffs and inflation will lead to significant market volatility throughout the year.
