"Crypto Crash: $1.09B Liquidated as Trump Tariffs Slam Market"

Coin WorldTuesday, Mar 4, 2025 1:42 am ET

1min read

The crypto market experienced a significant downturn on March 4, with the implementation of Trump's tariffs on Mexico and Canada. This event triggered a wave of liquidations, totaling over $1.09 billion in the last 24 hours. Bitcoin, the leading cryptocurrency, plummeted by more than 10% during this period, while top altcoins such as Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) saw declines ranging from 15% to 25%.

The crypto market crash was one of the swiftest on record, with over $460 billion wiped off the crypto market cap in just 24 hours. According to Coinglass data, the overall crypto liquidations surged to more than $1.09 billion, with Bitcoin alone contributing over $400 million. The Kobeissi Letter noted that the market experienced an average loss of approximately $19.1 billion per hour over the past day.

Following the announcement of strategic US crypto reserves by President Donald Trump on Sunday, Bitcoin price briefly rallied to $93,000 but faced rejection as Trump tariffs took effect. Market analysts believe that despite Trump's executive order on crypto reserves, it would still need Congressional approval to pass through. As of press time, the BTC price was down 10.23% trading at $83,500 levels, with daily trading volumes jumping by 15% to $77 billion. Crypto market analysts predict that it won't be surprising if Bitcoin crashes in the range of $70,000-$75,000 before resuming a full-blown uptrend.

Throughout February, altcoins have delivered a poor performance, with Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) facing significant selling pressure and correcting by 25% over the past month. Over the last 24 hours, the altcoins crash was even more severe, with Ethereum price tanking to $2,000 and on track to register its worst-performing Q1 in history. Crypto market analysts are advising investors to stay patient and not sell in panic. Popular analyst Michael van de Poppe noted that most altcoins are giving back their gains against Bitcoin today due to people wanting to get out, and

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