Bitcoin Drops Below $90,000 Amid Mt Gox Transfer and Trump Tariff Delay

Coin WorldThursday, Mar 6, 2025 11:04 am ET

1min read

Bitcoin's price action has experienced a setback during the current session, retreating below the $90,000 mark after reaching an intraday high of $92,910. Despite this decline, Bitcoin remains marginally up over the past 24 hours. However, a further drop below $90,000 could see the price fall towards $85,000 or even lower.

Bitcoin's price surged past $90,000 earlier in the day following President Donald Trump's announcement of a delay in tariffs on Canadian and Mexican auto imports. This decision granted a one-month exemption for automakers, alleviating concerns about potential economic disruptions from a trade war. The move came after Trump met with executives from Ford, general motors, and stellantis. Investors responded positively to the delay, suggesting that tariffs may not cause as much economic turmoil as previously anticipated. Bitcoin is currently trading just below the $90,000 level after experiencing a decline during the session.

Bitwise Chief Investment Officer Matt Hougan believes that President Trump's planned crypto reserve will primarily consist of Bitcoin, despite the inclusion of other cryptocurrencies. Hougan noted that the market's initial reaction to the announcement was negative due to the inclusion of small-cap assets, which complicated matters. Trump had initially mentioned that the reserve would include SOL, ADA, and XRP, causing confusion within the crypto community. He later clarified that BTC and ETH would be the core assets of the reserve. Hougan predicted that the final reserve will likely be almost entirely composed of Bitcoin and will be larger than many anticipate.

Defunct cryptocurrency exchange Mt.Gox has transferred over 12,000 BTC, valued at over $1.2 billion, to a new wallet. This transfer is one of the largest transactions by the exchange since its bankruptcy in 2014. Such transfers are typically a consolidation of holdings to new addresses before they are sent to a crypto exchange and sold on the open market. Mt.Gox was once one of the largest exchanges, handling over 70% of all BTC transactions before a major hack in 2014 resulted in the loss of over 740,000 BTC, valued at over $15 billion at current prices. Mt.Gox trustees have developed a repayment plan with a deadline of October 3

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